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Message from Deputy Prime Minister

As a responsible member of international society, EDCF will share
its experience of economic growth with developing countries and
continue cooperation with them for sustainable development.
기획재정부장관 홍남기 사진

Hong Nam-Ki

Deputy Prime Minister and
Minister of Economy and Finance
Mr. Hong Nam-Ki

I am greatly pleased to have the opportunity to look back on what EDCF achieved in 2018. In support of economic growth across the developing world, EDCF has utilized the experience and financial resources of Korea, a miraculous country which has transformed itself from a recipient of aid to a donor.

Since the adoption of SDGs in 2015, Korea has continuously endeavored to help EDCF immediately adapt to a changing aid paradigm from mere ’aid‘ to ’development‘ and further to strategically take advantage of EDCF as a significant tool for the country‘s key foreign policy initiatives, such as ’New Southern and Northern Policies.‘

As a result, EDCF‘s commitments have gradually expanded since its foundation in 1987 when it approved KRW 17.9 billion. In 2018, the fund approved the largest amount of KWR 1.95 trillion for 27 projects across the world and its accumulative commitments amount to a whopping KRW 17.85 trillion for 419 projects.

Among other achievements this past year, EDCF accelerated its efforts for strategic operation in step with the international community which strived to attain SDGs in a more effective manner.

First, the Korean government set the ’2018-2020 Mid-term Strategy‘ that shows the operational direction of EDCF for the upcoming 3 years. This strategy encompasses EDCF‘s greater support to address the increasing development needs and related action plans on a national and regional level for effective utilization, alongside tasks for improving major systems.

2018 is also marked with the introduction of new, innovative facility tools. EDCF approved projects that ensure the planning and implementation of development on the basis of the ownership mindset of recipient countries, as shown in the program for development of connectivity and digital economy in Colombia, the program loan for Ulaanbaatar air quality improvement in Mongolia, and the program loan for the project preparation facility in the Philippines.

Lastly, EDCF raised the development effectiveness of projects and supported more recipient countries in collaboration with its aid partners home and abroad, so that it could realize the value of ’tolerance‘ across the world.

For more synergies among various aid resources in Korea, EDCF strengthened its cooperation with KOICA and relevant government ministries through meetings and committees. Internationally, EDCF promoted co-financing projects with MDBs and joined USAID‘s Power Africa Initiative in support of more electricity access across the African continent.

In 2019, the Korean government will strengthen economic cooperation with recipient countries based on its pre-existing aid policy initiatives and experience, and strategically operate EDCF to raise development effectiveness across the developing world.

First of all, we will use EDCF as the cornerstone of our key foreign policy initiatives, i.e. New Southern and Northern Policies. The Korean government will continue support for ASEAN countries and seek new cooperation with India, and also lay the foundation for supporting our partner countries under New Northern Policy, such as Mongolia and Uzbekistan, so as to serve as the stepping stone for Korean companies looking to new business opportunities in these countries.

In addition to pre-existing development loans, EDCF will utilize new facility programs, such as program loan and sector development loan, more broadly, so that it may effectively respond to a shortage of financial resources and meet a variety of development needs across the developing world. For the mid-to long-term strategy, EDCF will contribute to promoting large infrastructure projects in developing countries with loan, equity investment and guarantee.

Furthermore, we will enhance cooperation with private sectors in order to take advantage of their expertise and creativity. In particular, the EDCF Operation Committee will allow participation of academia and NGOs. With reference to their diverse comments, we will be able to enhance transparency in operating funds and ensure efficient implementation of projects.

As a responsible member of international society, EDCF will share its experience of economic growth with developing countries and continue cooperation with them for sustainable development. We will endeavor to play our role as an advanced donor in line with international expectations that are as high as our economic performance.

We will expect continuous attention and encouragement from our fellow citizens.

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