Korea Eximbank awarded Presidential Commendation on ‘2022 De ...

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

* Korean government has held annual Development Cooperation Day events since 2010 to commemorate the entry of OECD (Organization for Economic Cooperation and Development) as a member of DAC (Development Assistance Committee) (2009.11.25)

○ At the ceremony held at COEX in Seoul, Prime Minister Han Duck-soo congratulated Yoon Hee-sung, chairman of Korea Eximbank, by awarding him a presidential commendation.

□ Korea Eximbank has been operating and managing the fund for 35 years since it was entrusted with the Economic Development Cooperation Fund (EDCF*) by the Ministry of Economy and Finance in 1987.

* The 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.

○ Since the establishment in 1987, the EDCF has provided loans to 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 has contributed to enhancing Korea's status in the international community.

○ In addition, Korea Eximbank is responsible for about 41% of annual bilateral ODA disbursement budget, and supports the government's ODA expansion policy based on its expertise in EDCF project appraisal and loan management.

□ Recently, Korea Eximbank is trying to support the effective expansion of development resources in developing countries by combination of EDCF, EDPF* and export finance resources.

* EDPF (Economic Development Promotion Facility) 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

○ To supply water to Jakarta, the Indonesian capital, the construction of the Karian Dam was supported by EDCF ($140 million), the water supply channel by EDPF ($210 million), and the Serpong water purification plant by export finance (planned) is a representative example of providing ODA and export finance as a package.

□ Chairman Yoon said in a congratulatory speech, "We are happy to be recognized for our efforts and achievements over the past 35 years."

○ "We will continue to strengthen partnerships with other donor institutions in response to the expansion of development demand in developing countries and contribute to Korea's international development cooperation by proactively responding to changes in the development environment."

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