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Project Identification and Preparation

Most partner countries draw up multi-year development plans to clarify their development objectives and strategies. These plans include envisaged development projects ranked in terms of their importance of development and investment priorities. The government of a partner country must identify and prepare projects that are not only feasible, but consistent with the national development plan and strategy.

To determine a project's feasibility, economic and technical aspects must be closely examined. Feasibility studies may be carried out either by the governments of partner countries or multilateral organizations such as the World Bank and the ADB, or with technical assistance from donor countries.

If the government of a partner country requires assistance in preparing for a project that will be financed through EDCF loans, it may also request assistance from Korea Eximbank or the Korean government to carry out preparations. In such cases, it may request support for the Project Preparation Facility on a grant basis. A feasibility study should provide all data necessary for project decision including economic, financial, technical and environmental aspects.

A project to be financed through EDCF loans should comply with project eligibility provisions of the OECD Arrangement as Korea is a member of the OECD. Specifically, the project must pass the commercial nonviability test in order to be eligible for EDCF loans.

*To qualify as commercially non-viable, a project with appropriate pricing determined on market principles, must lack the capacity to generate cash flow sufficient to cover the project's operating costs and to service the capital employed.

Loan Request

Once the feasibility study is finalized, the prospective borrower's government makes an official loan request to the Korean government by submitting the required documents to the Korean embassy in its own country. After receiving the request, the Korean embassy forwards it to the MOEF via MOFA. At this stage, Korea Eximbank may send a fact-finding mission to obtain further information and clarify issues. Such detailed information on all aspects of the proposed project is required to proceed to the next stage of appraisal.

The Government of the borrowing Country
The Korean Embassy in the Borrowing Country
The Ministry of Foreign Affairs of Korea
The Ministry of Economy and Finance of Korea
The Export-import Bank of Korea