The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Kim Yong-hwan, “Korea Eximbank”) announced on November 12 that it held the First Meeting of the EDCF Advisory Committee the day before to seek expert advice on of the desirable path forward for the Economic Development Cooperation Fund (EDCF)* at the 63 Building in Seoul.

* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit. Korea Eximbank currently manages the fund as its trustee.

In line with the public’s growing interest in official development assistance (ODA), the EDCF Advisory Committee was launched by Korea Eximbank as a venue for soliciting a broad range of opinions on ODA from various constituencies in order to better inform policy-making.

The committee is composed of experts from many fields including academia, the press, industry, and civic groups, who met on November 11 to chart a long-term course for Korea’s ascent in the international donor community.

Korea Eximbank Chairman Kim Yong-hwan remarked at the meeting, “Korea is a role model for developing countries and a key emerging donor for whom the international community has growing expectations. I believe now is the time for us to really think about ways to achieve win-win outcomes with partner countries by tapping into our unique development experience.”

Handong Global University Vice-president Choi Do-sung opined, “Now that the size of ODA is unlikely to grow by leaps and bounds as it did in the past, it is important for EDCF to explore other development tools besides ODA, such as guarantees, public-private partnerships (PPP), and financing for development (FFD) to mobilize the funding necessary for large-scale projects."