Korea Eximbank Holds 'EDCF Advisory Committee' Meeting to Discuss Function Enhancement Measures

Discussion on Establishing a New ODA Workforce Development Platform

The Export-Import Bank of Korea (KEXIM) announced on the 14th that it held the "14th Advisory Committee Meeting on the Economic Development Cooperation Fund (EDCF)" at the Glad Hotel in Yeouido, Seoul.

As the trustee institution of the EDCF, KEXIM has been regularly holding the EDCF Advisory Committee since 2013, composed of private experts from academia, industry, international organizations, and civil society to gather diverse opinions on fund management. At this advisory meeting, about 20 participants including advisory committee members and KEXIM executives and employees engaged in in-depth discussions on strengthening EDCF functions and establishing a human resource development platform to nurture ODA experts.

The government is promoting the advancement of EDCF operations to strategically manage the significantly increased EDCF budget. This year, the ODA and EDCF budgets are 6.3 trillion KRW and 2 trillion KRW respectively, marking increases of 31% and 35% compared to the previous year.

In response, KEXIM explained that it is preparing the "EDCF Function Enhancement Plan," focusing on strengthening project discovery functions and improving expertise, and sought advice from the committee members. KEXIM is also promoting the establishment of a human resource development platform (tentatively named "EDCF Academy") to cultivate experts needed at each stage of EDCF projects.

Kim Cheolsu, CEO of Jeongdong Economic Research Institute and an advisory committee member attending the meeting, said, "The demand for large-scale infrastructure projects in developing countries has recently increased significantly," adding, "Strengthening the EDCF project discovery function will not only respond to local development needs but also serve as a driving force to expand cooperation opportunities with international financial institutions." Won Yonggeol, President of the University of Seoul, said, "Education for ODA project participants through the human resource development platform is expected to greatly contribute to fostering a private ODA consulting ecosystem in the future," and added, "Academia will also seek ways to more effectively cultivate collaborative experts with the EDCF Academy."

Yoon Heeseong, President of KEXIM, said, "Amid challenging international development environments such as international conflicts and climate change crises, expectations and interest in the EDCF are growing," and added, "We will strive to enhance EDCF's support capabilities and firmly establish it as a leader in the international community through the EDCF function enhancement plan."