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EDCF/IKCF

About IKCF

The Primary function of IKCF is to promote transactions between South and North Korea. It covers prospective projects deemed to contribute to the mutual exchange of home visits, cultural activities, sports, trade, and economic cooperation

In 2015, IKCF provided financial support totaling KRW 55.4 billion to 64 projects. The cumulative disbursement of IKCF aid since its establishment in 1991 stood at KRW 6,147.4 billion as of the end of 2015, up 0.9% from the previous year’s total of KRW 6,092.1 billion.

The lion’s share (42.8%, KRW 23.7 billion) of IKCF aid in 2015 was channeled to the Gaesung Industrial Complex for the project aimed at expanding waste incineration facility and fire station.

IKCF also used 14.8% (KRW 8.2 billion) of its aid to support the projects facilitating economic cooperation between the two Koreas.

Another 42.4% (KRW 23.5 billion) went to humanitarian aid and cultural programs. IKCF extended KRW 12.1 billion to essential humanitarian assistance projects. In particular, KRW 6.8 billion was provided through international organizations to support maternal and child health care projects in North Korea. Assistance for infants and young children represents one of the fundamental aspects of humanitarian assistance to North Korea.

IKCF also provided a total of KRW 5.2 billion for supporting family reunions including the reunion of separated families on the Chusoek holidays. Furthermore, IKCF disbursed KRW 6.1 billion for projects promoting social and cultural exchange.

Meanwhile, IKCF continued to provide insurance coverage to South Korean companies to reduce business risks. The insurance program is designed to support companies investing in and trading with the North by partially compensating for losses caused by emergency situations such as political conflicts. In 2015, the volume of contracts under the Insurance Program for Trade and Economic Cooperation increased. The contracts under the program amounted to KRW 379.8 billion as of the end of 2015, a 3.4% increase from the previous year’s total of KRW 367.2 billion.

Besides, the Bank led the activities of the Northeast Asia EXIM Banks Association as the chair. By holding regular quarterly meetings, it has helped develop project proposals raised by GTI into financially viable multilateral cooperation projects.