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Government officials from developing countries gather in Seoul for partnership in development cooperation

Date 2022.10.25

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□ The Export-Import Bank of Korea announced on October 25 that it is hosting the 26th EDCF* Annual Workshop for officials in charge of development cooperation in 14 developing countries, including Vietnam, Bangladesh and Egypt.


* The Economic Development Cooperation Fund (EDCF) : It is an official development assistance program established by the Korean government in 1987. The Export-Import Bank of Korea is entrusted to manage the fund, providing long-term low-interest loans to support industrial development and economic stability of developing countries to promote their economic exchanges with Korea.



□ The event, which will be held face-to-face for the first time in three years since COVID-19, is a four-day program starting from today. The workshop is aimed at enhancing the understanding of EDCF framework among the participants through EDCF Understanding Promotion Seminar and a special lecture on Korea’s development cooperation. It will also include visits to smart facilities in Seoul for the participants to experience Korea's smart infrastructure technology.



□ On the first day of the workshop, professor Hye-young Jang of Chung-Ang University will give a lecture on the importance of development cooperation amid the global economic crisis under the theme of ‘Korea's Status in International Development Cooperation.’


 ○ Then the participants will attend the EDCF Understanding Promotion Seminar that will introduce the EDCF system and its successful application cases, followed by discussions on practical ways of development cooperation among the participants.



□ Afterwards, the participants will be visiting the Seoul Energy Dream Center and the Seoul Transportation Information Center to get direct experience with Korea’s advanced green and digital technologies, EDCF’s focus areas of support.



□ Lee Sang-ho, head of EDCF Coordination Group at the bank said, "This EDCF annual workshop is designed to promote successful cooperation in project implementation between Korea and developing countries, which can be facilitated by their enhanced understanding of EDCF support system."


 ○ He added, "Through this workshop, we will continue to interact with these related authorities from developing countries so that they can serve as a bridge for economic cooperation with Korea."



□ Park Jung-hyun, director of the development strategy division at the Ministry of Strategy and Finance explained, “EDCF is different from concessional loans that are given by other developed countries in that it contains Korea’s experience in economic development over the past half-century.”


 ○ She added, “Through this workshop, we hope the officials from partner countries to enhance their understanding of the EDCF framework and their economic cooperative partnerships with Korea to be strengthened.” 



□ Marking the 26th workshop this year, the workshop has been participated by 409 officials from 53 countries since its launch in 1995.