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Korea Exim News

Korea Eximbank Receives Presidential Commendation at “2022 Development Cooperation Day“

Date 2022.11.25 View 148
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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, "Korea Eximbank") announced on November 25 that it received the presidential commendation for its contribution to international development cooperation at the "2022 Development Cooperation Day" ceremony* hosted by the Office for Government Policy Coordination.

 

 * The Korean government runs the Development Cooperation Day event annually since 2010 in commemoration of Korea’s entry into OECD (Organization for Economic Cooperation and Development) DAC (Development Assistance Committee) (2009.11.25)

 

 ○ At the ceremony held at COEX in Seoul, Prime Minister Han Duck-soo gave the presidential commendation to Korea Eximbank Chairman and President Yoon Hee-sung.

 

 

□ Entrusted by the Ministry of Economy and Finance since 1987, Korea Eximbank has been operating and managing the Economic Development Cooperation Fund (EDCF*) for 35 years.

 

   * The Economic Development Cooperation Fund (EDCF) : Korea Eximbank has been entrusted by the Ministry of Economy and Finance to operate and manage the economic aid 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.

 

 ○ Since the establishment of EDCF in 1987, Korea Eximbank has provided EDCF loans for 489 projects (about $21.4 billion) in 58 countries, contributing to sustainable economic growth and quality of life through the development of economic and social infrastructure in developing countries and it helped enhance Korea's status in the international community.

 

 ○  In addition, the bank is in charge of executing about 41% of Korea’s annual bilateral ODA disbursement budget while supporting the government's ODA expansion policy based on its expertise in EDCF project assessment and loan management.

 

 

□ More recently, Korea Eximbank has been making continued efforts to effectively support developing countries to get funding for development, with the combined resources of EDCF, the Economic Development Promotion Facility (EDPF*) and export financing.

 

 * The Economic Development Promotion Facility (EDPF): It uses funds borrowed from the financial market as financial resources, but provides long-term and low-interest ODA funds with financial assistance from the Korean government

 

 ○ For water supply in Jakarta, Indonesia, the construction of the Karian Dam was supported through EDCF ($140 million), the water supply channel through EDPF ($210 million), and the Serpong water purification plant planned to be supported through export financing. This project is a good example of the bank’s provision of mixed loans in ODA loans and export financing as a package.

 

 

□ "It is a great pleasure that our efforts and achievements over the past 35 years were recognized with this award,“ Chairman Yoon said.

 

 ○ "We will continue to strengthen partnerships with other donor institutions in response to rising development demands in developing countries and contribute to Korea's efforts in international development cooperation by proactively coping with changes in the international development environment including expanding support to address climate change," he added.