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The Government of Korea established the Economic Development Cooperation Fund (EDCF) on June 1, 1987 with the purpose of promoting economic cooperation between Korea and developing countries.
Drawing on Korea’s own development experience over the years, the EDCF assists partner countries by providing funding for their industrial development and economic stability.
The highest policy-making authority of the EDCF is the Fund Management Council, which is composed of 13 members, most of whom are ministerial-level government officials. The direction of EDCF operations and the assumption of principal policy-making responsibilities rest with the Ministry of Economy and Finance (MOEF), which also coordinates policy matters with other relevant ministries.
Entrusted by the MOEF, the Export-Import Bank of Korea is responsible for the administrative operation of the EDCF, including appraisal of project, execution of the loan agreements, and loan disbursements. Other duties include principal/interest payments collection, project supervision, and ex-post evaluation of project operations.