Export-Import Bank of Korea

12/01/2021 | Press release | Distributed by Public on 12/02/2021 00:32

Korea Eximbank held the first 'EDCF Environmental Social Adv ...

□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang Moon-kyu, "Korea Eximbank") announced on the 1st that it held the 1st "EDCF* Environmental and Social Advisory Meeting" at its headquarters in Yeouido on the 30th.

?* Economic Development Cooperation Fund: EDCF : Korea Eximbank has been entrusted by the Ministry of Strategy 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.

□ Korea Eximbank's EDCF Environmental and Social Advisory Council was established to collect broad opinions from external experts in advance on environmental and social issues in the EDCF project.

? With the launch of the advisory meeting, it is expected that environmental and social risks that may arise when implementing the EDCF project can be prevented in advance from the initial stage of the project.

? The advisory committee consisted of nine external experts in the environmental field, including academia, research institutes, civil society organizations, and associations.

□ In the future, the EDCF Environmental and Social Advisory Council plans to identify the flow of environmental and social policies at home and abroad, seek new directions for EDCF Safeguard Policy*, and check the preparation status of individual projects as a preventive measure.

?* EDCF Safeguard Policy: Introduced in February 2016 as a system to enhance the sustainable power generation capabilities of the recipient country and to properly manage various environmental and social risks that may occur during the project.

□ At the first advisory meeting held on the same day, detailed discussions were made on environmental and social risks and reduction measures for new projects being pursued in India and El Salvador after checking the EDCF safety guard policy.

□ Yoon Jong-soo, former director of the United Nations Center for Sustainable Development, who was appointed chairman of the advisory committee, said, "While Korea's ODA has grown in quantity over the past decade, EDCF has played a big role in creating infrastructure for economic development in recipient countries."

□ Korea Eximbank recently announced an ESG management roadmap and declared a leadership in strengthening our company's global ESG competitiveness and The EDCF project will also actively reflect the contents discussed at the Environmental and Social Advisory Meeting in order to meet ESG management in the preparation and review of the project. said Lee Sang-ho, head of the EDCF Coordination Group.

□ Korea Eximbank plans to hold regular EDCF environmental and social advisory meetings to supplement expertise in EDCF projects, increase fairness and transparency, and prevent risks of environmental and social conflicts in advance.