Export-Import Bank Discusses Strengthening 'Safeguard' Measures at EDCF Environmental and Social Advisory Meeting

Collecting External Expert Opinions on EDCF Environmental and Social Impact Assessment and Monitoring Procedures

The Export-Import Bank of Korea (KEXIM) announced on the 21st that it held the '6th External Economic Cooperation Fund (EDCF) Environmental and Social Advisory Meeting' at its Yeouido headquarters.

KEXIM, as the entrusted agency for EDCF, has been regularly holding the EDCF Environmental and Social Advisory Meeting composed of external experts since 2021 to gather diverse opinions on environmental and social issues related to EDCF projects. The advisory committee consists of nine external experts in the environmental and social fields from academia, research institutes, public institutions, and civil society organizations.

At the 6th advisory meeting held that day, detailed discussions were conducted focusing on specific cases regarding the environmental and social impact assessment and monitoring procedures, which are key elements of the EDCF safeguard policy, along with discussions on directions for improvement.

Advisory committee member Choi Dong-jin emphasized, “Continuously discussing environmental and social issues and preparing improvement measures through the advisory meetings is important to successfully fulfill the environmental and social responsibilities that the international community demands from our country.”

Hwang Ki-yeon, KEXIM’s Executive Director, stated, “KEXIM has applied the safeguard policy to safely manage environmental and social risks that may arise during the implementation of EDCF projects,” adding, “Based on the discussions at the advisory meeting, we will strengthen the operation of the EDCF safeguards to ensure sustainable development in developing countries.”