The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-hoon, “Korea Eximbank”) announced on July 16 that it held the opening ceremony for the Potable Water Supply Expansion Project for Santo Domingo de los Colorados in Santo Domingo, Ecuador on July 14.

The ceremony was attended by about 200 key stakeholders including Korea Eximbank's Executive Director and Head of EDCF Operations Group Yim Seong-hyeog, Korea's Ambassador to Ecuador Lee Eun-chul, and Ecuador's Minister of Finance Fausto Herrera.

The Santo Domingo water supply expansion project, supported by EDCF*, utilized Korea's advanced water treatment technologies in constructing new water and drainage pipes and expanding the water intake facility and filtration plant in Santo Domingo.

- 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.

Prior to this project, Korea Eximbank provided USD 44 million in EDCF loans for the USD 57 million water supply project conducted in 2006.

Santo Domingo is a transportation center located between the country's capital Quito and the Pacific Coast. While population is rapidly growing in the city, water supply facilities built in 1978 had been seriously outdated and in an extremely poor condition that limited water use to only eight hours at once in every two to three days.

This water supply project will help supply clean water to 300,000 citizens in Santo Domingo and is expected to greatly contribute to the balanced regional development, which is a priority of the Ecuadorean government.

At the opening ceremony, Ecuador's Minister of Finance Fausto Herrera said, "I am thankful to the Korean government and Korea Eximbank for their support to improve the living conditions of the residents of Santo Domingo as well as to help achieve regional development through the use of EDCF." He added, "This project will surely be cited as a best practice that helped tackle chronic water shortage, which is one of our pressing national challenges.

Executive Director Lim said, "Following this water supply project, a drainage system expansion project is to be conducted. The two projects complete the first financing package that comprehensively provides support from water supply to drainage treatment." He continued, "I hope this project will fully serve to improve Korea's ties with Latin American countries, which are fast emerging as our key economic partners."

Ecuador is currently receiving USD 130 million in EDCF loans for three projects, being the second largest recipient in Latin America after Nicaragua.