The Export-Import Bank of Korea( www.koreaexim.go.kr, Chairman Lee Duk-hoon, "Korea Eximbank") announced on June 9 that it will provide USD 19 million in EDCF loan to fund Vietnam's "Medical Equipment Supply to National ENT (Ear, Nose and Throat) Hospital Project."

* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges with the developing world 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.

Executive Director and Head of EDCF Operations Group Yim Seong-hyeog met with General Director Nguyen Thanh Do of the Vietnamese Ministry of Finance and signed the loan agreement for the project at the Ministry of Finance in Hanoi.

The project aims at improving the quality and coverage of medical services in Vietnam by supplying cutting-edge medical equipment to the country's National ENT Hospital, recently upgraded to a 400-bed hospital, to enhance the health of local residents.

Outbreaks of ENT-related illnesses are on the rise, as a result of serious air pollution caused by the increasing number of motorcycles, which are a popular means of transportation in Vietnam.

A number of Korean SMEs in the medical equipment sector are planning to take part in this project.

With the first EDCF project being a vaccine production plant construction project in 1999, the Korean government has so far provided a total of USD 174 million in EDCF loans to support 11 Vietnamese health care projects. For its efforts, the Korean government has been given credit for upgrading the overall health care service in Vietnam.

After the signing ceremony, Executive Director Yim and General Director Nguyen also exchanged views on the agenda for the upcoming "Korea-Vietnam ODA Policy Dialogue."

Executive Director Yim remarked, "Korea's SMEs and medium-sized businesses have a comparative advantage in the medical equipment sector." He added, "I expect that this project will accelerate Korean businesses' entry into the Southeast Asian medical equipment market."