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Korea Eximbank, acting as the Economic Development Cooperation Fund (EDCF) operation agency, has prepared a Safeguard Policy in 2016, corresponding to the environmental and social sustainability.
As of July 1, 2020, Korea Eximbank updated the current EDCF Safeguard Policy for addressing environmental and social issues in project design, implementation and operation. With the 2016 EDCF Safeguard Policy continuing to apply to existing projects, the 2016 and 2020 safeguard policies will run in parallel for estimated ten years.
Korea Eximbank will take into account variables such as host country context, the scale and complexity of project impacts, and the associated cost-benefit considerations, as well as those of project performance beyond the level required in the EDCF Safeguard Policy.
E&S Impact Assessment
Environmental and social considerations shall be taken into account during the initial stages of project planning.
Meaningful consultation shall be made with the stakeholders and project relevant information shall be disclosed throughout the project cycle.
Require borrowers to manage and improve their safeguard performances to ensure compliance.
Strengthen their organizational and managerial capacities for effective implementation of the safeguard policy.