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The Global Network of Korea Eximbank.

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LOAN PROCEDURE

After the Loan Agreement is signed, the borrower can proceed with procurement of goods and services.
The actual loan amount is fixed in Korean won only at this stage.
The amount tentatively fixed in US dollars at the time of the government approval is converted into Korean won amount using the foreign exchange rate at the time of the procurement contract.

Procurement Procedures

The procurement should be carried out in line with guidelines agreed upon between Eximbank and the borrower. Guidelines regarding procurement of goods and services under EDCF loans are outlined in the following.

  • The borrower is required to procure goods and services from eligible source countries, agreed on between the Korean Government and the recipient government.
  • Procurement methods acceptable to Eximbank are competitive bidding, limited competitive bidding, shopping, and direct contracting.
  • The borrower may adopt one, considering if it is economical and efficient, depending on the nature and size of the individual procurement.
  • The borrower is required to obtain Eximbank's concurrence on procurement methods, bidding documents, analysis of bids, proposed awards, and contracts to be concluded.

In case exceptional circumstances beyond the control of the recipient government result in a shortage of the fund, a supplementary loan will be provided to ease the problem.

Where Eximbank considers it desirable to employ consultants in order to ensure maximum efficiency and economy in the implementation of the project, the borrower may do in accordance with Eximbank's guidelines as follows.

Employment of Consultants

Major tasks of consultants include detailed design, preparation of bidding documents, project management, supervision, and so on. The Borrower prepares a plan of consultant employment and submits it to the Bank for its review and concurrence until signing a Loan Agreement. EDCF's general principle of consultant employment is Limited Competitive Selection by way of Short-Listing.

  • Short-listing a candidate list comprised of 3 to 5 consultants.
  • Negotiating on financial terms with the highest ranked candidate in the technical evaluation, and then signing an employment contract.

The borrower is required to obtain Eximbanks' approval or concurrence on Short-list of candidates, Terms of Reference, Letter of Invitation (Including proposals), Proposal Evaluation Reports, Employment Contract.