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 lifecycle while focusing on AI, supply chains, and cultural sectors, planning to approve new projects worth 9 trillion won over the next three years to expand the overseas market base for Korean companies.
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 companies in project implementation.
To enhance public access to information, the bank will disclose key project details from discovery to approval and evaluation stages. It will implement a policy accountability system and project history management to document and oversee 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 EDCF funding from 2026 to 2028, focusing resources on AI, supply chains, and cultural sectors where demand is high in developing countries and where Korean companies are competitive.
This initiative aims to connect Korea's AI competitiveness with the digital transformation needs of developing countries, actively discovering signature projects that have significant symbolic and ripple effects, such as the expansion of K-content and cooperation in critical mineral supply chains.
The bank will also pursue institutional improvements to broaden 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 localizing costs through contracts.
Hwang Gi-yeon stated, "We will make transparency and fairness the new standards of EDCF, transforming it into a fund that the public can trust and rely on. We aim to expand our economy through development cooperation that allows both large and small businesses to grow together."
* This article has been translated by AI.
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