The Export-Import Bank of Korea is set to innovate the Economic Development Cooperation Fund (EDCF) to strategically utilize official development assistance (ODA). The bank aims to enhance transparency throughout the project process while focusing on AI, supply chains, and cultural sectors, planning to launch new projects worth 9 trillion won over the next three years to expand opportunities for Korean companies abroad.
On June 11, the bank announced that it held the '2026 EDCF Innovation Strategy Report Meeting' in Seoul, attended by over 200 representatives from businesses, related organizations, and academia.
The core objectives of the innovation strategy include strengthening transparency and accountability, concentrating on key areas such as AI, supply chains, and culture, and addressing challenges faced by Korean businesses in project implementation.
To enhance public access to information, the bank will disclose key project details from the discovery phase through approval and evaluation. It plans to implement a policy name system and a project history system to document and manage decision-making processes, thereby eliminating the potential for undue external interference.
The bank proposed a plan to approve a total of 9 trillion won in new EDCF projects from 2026 to 2028. It intends to focus resources on sectors where demand is high in developing countries and where Korean companies have competitive advantages, specifically in AI, supply chains, and culture.
Additionally, the bank will pursue institutional improvements to expand participation opportunities for small and medium-sized enterprises (SMEs) in EDCF projects. It plans to strengthen negotiations with recipient countries to alleviate burdens arising from exchange rates and other factors during project implementation, including local cost localization contracts.
Hwang Gi-yeon stated, "We will establish transparency and fairness as new standards for the EDCF, transforming it into a fund that the public can trust and rely on. We aim to broaden our economy through development cooperation that allows both large and small enterprises to grow together."
* This article has been translated by AI.
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