The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-hoon, “Korea Eximbank”) announced that it launched a five-day “EDCF Annual Workshop for High-Level Government Officials from Partner Countries” for the officials of international finance organizations as well as high-level public officials from developing countries on June 23.

* 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.

The workshop whose theme centers around priority development sectors of developing countries such as urban development, energy, and the environment was attended by a total of 15 people including an IDB official and high-level public officials from 13 countries.

In particular, public officials from Georgia with which EDCF is discussing to extend new loans as well as government officials from three African countries (Ghana, Mozambique, Tanzania) where EDCF representative offices are to be open have participated in this workshop, having the opportunity to learn more about Korea’s development experiences and expand economic cooperation with Korea.

The EDCF workshop was initiated in 1995 and has been so far attended by 235 high-level officials from 45 developing countries.

The workshop kicked off with Professor Sung Keuk-je of the Graduate School of Pan-Pacific International Studies at Kyung Hee University giving a special lecture on “Korea’s Economic Development at a Glance”, followed by lively discussions on Korea’s rapid growth experiences and developing countries’ economic cooperation policies.

It is notable that in-depth discussions took place on Korea’s ODA system and the roles and strategies of EDCF to help developing countries achieve economic growth.

During the week, workshop participants are planning to make on-site visits to the energy recovery facility in Sangam-dong and the Compact Smart City in Songdo, Incheon to see Korea’s development achievements for themselves. Moreover, they will be visiting Suwon Hwaseong, a UNESCO world heritage site, and the National Museum of Korea to experience Korea’s history and culture.

Korea Eximbank’s official said, “Korea has overcome the scars of the Korean War and is emerging as a responsible member of the international community by proudly joining the OECD DAC composed of advanced donor countries.” He added, “The public officials invited to the workshop will have an opportunity to take a first-hand look at Korea’s achievement of economic growth and will be ones that will build close networks with Korea for development cooperation.”