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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank“) announced on October 25 that it was hosting the ‘27th EDCF* Annual Workshop’, inviting a total of 15 government officials from 14 developing countries.
* The Economic Development Cooperation Fund (EDCF) : Korea Eximbank has been entrusted by the Ministry of Strategy and Finance of Korea to operate and manage the fund for developing countries since 1987. It provides long-term low-interest loans to support industrial development and economic stability in developing countries and promotes economic exchanges between developing countries and Korea.
□ The four-day event aims to introduce EDCF to the participating officials through lectures on Korea’s development cooperation. The workshop participants will make industrial site visits and experience Korean culture, gaining a firsthand look at Korea’s economic development and culture.
ㅇ A ranking official in charge of Ukraine development cooperation, among others, is joining the event while EDCF is in the initial process of developing urgent support for the country at wartime.
□ The first day of the workshop was held at Kensington Hotel in Seoul.
□ During the workshop, Chang Hye-young, a professor at Chung-Ang University gave a lecture on the ‘current status of Korea’s international development cooperation,‘ underlining the importance of development cooperation amid global challenges such as economic slowdown, climate change, and diplomatic tensions.
ㅇ The participants also held a seminar to explore practical avenues for cooperation, discussing the EDCF framework and successful applications.
□ The workshop also includes on-site visits to Seoul Transport Operation Information Service Center(transportation·ICT areas) and Landfill Site Management Corporation(renewable energy·environment areas) to provide the participants with a hands-on opportunity to experience EDCF’s focusing areas such as green and digital sectors.
□ In the congratulatory remarks, Park Jeong Hyun, the Director of the Development Cooperation Division at the Ministry of Strategy and Finance, said, “EDCF provided approximately US$ 23 billion for over 500 projects in 59 countries.”
ㅇ She added, “We will expand EDCF support, focusing on green and digital sectors, and communicate closely with partner countries.”
□ Park Jong Kyu, Korea Eximbank Vice President in charge of the EDCF division, said, “The purpose of this workshop is to assist developing countries in enhancing their understanding of Korea and EDCF, leading to the smooth implementation of EDCF projects.”
ㅇ He continued, “Through the workshop, we expect to enhance the economic cooperative relationship with EDCF recipient countries and further cement the partnership base with countries where we are strategically expanding support, such as India and Ukraine.”
□ Tran Quoc Phuong, Vietnam’s Vice Minister of Planning and Investment, said during the workshop, “Korea, which has grown from a war-torn country into a donor nation, is a role model for many developing countries.”
ㅇ He added, “This workshop could be an great opportunity to share EDCF’s effective project implementation experiences.“
□ Launched in 1995, the EDCF Workshop has been attended by more than 400 government officials from 54 countries to date.