Export-Import Bank Holds '1st EDCF Environmental and Social Advisory Meeting'

Composition of 9 External Experts
Discussion on EDCF Safeguard Policy Review and More

[Asia Economy Reporter Kim Jin-ho] The Export-Import Bank of Korea (hereinafter referred to as KEXIM) announced on the 1st that it held the '1st EDCF Environmental and Social Advisory Meeting.'

The EDCF Environmental and Social Advisory Meeting, held the previous day at KEXIM's headquarters in Yeouido, Seoul, was newly established to gather broad opinions from external experts in advance regarding environmental and social issues related to EDCF projects. It is expected to prevent environmental and social risks that may arise during the implementation of EDCF projects from the early stages of the projects.

The advisory committee consists of nine external experts in the environmental field from academia, research institutions, civil society organizations, and associations.

The EDCF Environmental and Social Advisory Meeting plans to monitor domestic and international environmental and social policy trends, explore new directions for the EDCF safeguard policy, and check the preparation status of individual projects from a preventive perspective.

At the first advisory meeting, after reviewing the EDCF safeguard policy, detailed discussions were held on the environmental and social risks and mitigation measures of new projects underway in India and El Salvador.

Yoon Jong-su, Director of the International Union for Conservation of Nature (IUCN) and appointed as the advisory committee chair, stated, “Over the past decade, Korea's Official Development Assistance (ODA) has grown significantly in quantity, and the EDCF has played a major role in creating infrastructure for the economic development of recipient countries.” He evaluated that “the EDCF safeguard policy aligns with the international trend emphasizing the implementation of the Sustainable Development Goals (SDGs) in ODA projects.”

Lee Sang-ho, Head of KEXIM's Economic Cooperation Headquarters, also said, “KEXIM recently announced its ESG (Environmental, Social, and Governance) management roadmap and declared its leadership in strengthening the global ESG competitiveness of Korean companies.” He added, “We plan to actively reflect the discussions from the Environmental and Social Advisory Meeting in project preparation and review to ensure that EDCF projects comply with ESG management.”

Meanwhile, KEXIM plans to hold the EDCF Environmental and Social Advisory Meeting regularly to enhance expertise on EDCF projects, increase fairness and transparency, and prevent environmental and social conflict risks in advance.