November 29, 2024

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Participants of the 26th EDCF Annual Workshop pose for a photo. (Exim Bank)

The Export-Import Bank of Korea (Eximbank) kicked off its 26th Economic Development Cooperation Fund Annual Workshop on Tuesday, in which 14 government officials from 14 different developing countries are participating.

The EDCF Annual Workshop is hosted by Eximbank to introduce development officers from developing countries to Korea’s Economic Development Cooperation Fund. The fund was created in 1987 as part of the South Korean government’s official development assistance initiative, and is currently managed by Eximbank.

"The EDCF is different from concessional loans given by other developed countries, as it contains Korea’s experience in economic development over the past half-century,” explained Park Jung-hyun, head of EDCF affairs at the Finance Ministry, during the workshop's opening ceremony.

Eximbank invited 14 officials from 14 developing countries, including Bangladesh, Egypt and Vietnam, to participate in the four-day program. This year’s EDCF Annual Workshop is being held in person for the first time since the pandemic

Participating officials will listen to a lecture on Korea’s Official Development Assistance program by professor of political science at Chung-Ang University Chang Hye-young, after which they will participate in a seminar that introduces the EDCF framework and its successful applications.

The workshop also includes visits to the Seoul Energy Dream Center, and Seoul Metropolitan City’s Traffic Information Center.

“Through constant interaction with related authorities from developing countries, we will make them act as the bridge for economic cooperation with Korea,” said vice president of Eximbank Lee Sang-ho.

Since its launch in 1995, 409 officials from 53 countries have participated in the EDCF Annual Workshop.

By Lee Seung-ku (seungku99@heraldcorp.com)