Greater Effectiveness
The Export-Import Bank of Korea (Korea Eximbank) and Korea International Cooperation Agency (KOICA) have jointly announced an “implementation plan for stronger partnership” on Dec. 23 in order to improve effective aid by establishing a practical cooperative system between the two organizations.
The plan has included specific goals and tasks by sector to strengthen actual collaboration between the two agencies, which take complete charge of paid and unpaid aid in Korea. For the implementation plan, the two organizations have specified five strategic areas, selected specific projects by each sector and stated the direction and measures of support by organization.
First, there will be close ties to Korea Eximbank’s financial support and KOICA’s feasibility study in large-scale infrastructure projects in major partner companies, which have a great ripple effect. The two agencies will jointly plan and carry out comprehensive rural development projects in developing countries by making use of each institution’s expertise and development experience.
In addition, both agencies will improve a system to set up the results-oriented collaboration model, conduct joint investigations, joint research, mutual exchange and information sharing to improve development cooperation effectiveness, and jointly run specific programs for the improvement of nationwide ODA recognition.
At the signing ceremony, Korea Eximbank CEO Lee Duk-hoon said, “Korea Eximbank’s EDCF and KOICA have selected sectors and projects that can create a strategic synergy based on mutual cooperation, and focused on connecting them, actually realizing the government’s paid and unpaid integrating aid strategy. In a bid to accomplish the sustainable development goals announced at the United Nations Sustainable Development Summit in September, we will actively join the move to boost the development effectiveness of the international community.”