Signing of a Memorandum of Understanding for Cooperation in the Health and Medical Sector of International Development Cooperation
Sangkyu Bang, President of KEXIM (left), and Mujin Chu, Chairman of KOFIH, signed a memorandum of understanding for cooperation in the field of international development cooperation in health and medical care at KEXIM's Yeouido headquarters on the 18th and are taking a commemorative photo.
[Asia Economy Reporter Kangwook Cho] The Export-Import Bank of Korea (KEXIM) and the Korea Foundation for International Healthcare (KOFIH) have joined hands to effectively support healthcare aid projects in developing countries.
KEXIM announced that President Bang Moon-kyu and KOFIH Chairman Chu Moo-jin signed a memorandum of understanding (MOU) for cooperation in international development cooperation in the healthcare sector on the 18th at KEXIM's Yeouido headquarters.
The MOU between the two institutions includes key points such as △ mutual linkage throughout the entire process of discovering, implementing, and managing international development cooperation healthcare projects △ development of effective combined grant and loan models △ regular consultations and information exchange.
KEXIM’s Economic Development Cooperation Fund (EDCF) has strengths in financial cooperation for infrastructure projects such as hospital construction, medical equipment supply, and healthcare system introduction, while KOFIH excels in technical cooperation including project discovery support, operation and maintenance (O&M), and capacity building.
The Economic Development Cooperation Fund (EDCF) was established in 1987 as a government fund to support industrialization and economic development in developing countries and to promote economic exchange between Korea and developing countries. It mainly contributes to poverty reduction and economic growth in developing countries through the construction of economic and social infrastructure.
The two institutions have cooperated on 13 projects in 7 countries so far. With the signing of this MOU, when providing healthcare aid to developing countries, the two institutions plan to systematize their cooperation by jointly participating in project discovery from the initial stage, supporting infrastructure through the EDCF, and having KOFIH assist with post-operation management.
This creates a practical cooperation model case that can maximize the effectiveness of aid to developing countries through a "combined grant and loan aid package."
At the signing ceremony, President Bang said, "This MOU signing will serve as an opportunity to widely promote the excellence of Korea’s advanced healthcare system on the international development cooperation stage, enhance aid effectiveness, and greatly contribute to achieving the Sustainable Development Goals (SDGs) and the development of infrastructure in developing countries."
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