The government will expand the size of the External Economic Cooperation Fund (EDCF) business approval to 11.7 trillion won by 2025.
On the 26th, the Ministry of Strategy and Finance held the 144th External Economic Cooperation Fund Management Committee chaired by Deputy Prime Minister and Minister of Strategy and Finance Chu Kyung-ho and announced the 2023-2025 mid-term management direction of the EDCF.
EDCF is a loan support fund established in 1987 to support economic development and promote economic cooperation in developing countries.
Looking at the new business approval plan year by year, starting with 3.8 trillion won this year, the scale will expand to 3.9 trillion won next year and 4 trillion won in 2025.
Deputy Prime Minister Chu said, “Given the high demand from developing countries, we will focus EDCF resources on green and digital sectors to increase the effectiveness of development and focus our business on Asia, where there is a great need for economic cooperation by region .” It will also expand the opportunities for Korean companies to advance through the EDCF.”
“We will strengthen crisis management in the receiving country, such as monitoring the economic crisis in the receiving country, and providing immediate support through emergency loans in the event of a crisis due to a disaster such as flood or drought in the country who accepts it,” he said.
In connection with EDCF, we will strengthen the support for overseas expansion of Korean companies.
Deputy Prime Minister Chu said, “We will expand the medium to long-term (F/A) aid limit for each country, focusing on countries with high economic cooperation and high growth potential, actively exploring infrastructure projects on a large scale worth US$100. million or more in which Korean companies are interested, and provide complex financial support. We will expand,” he added.
He added, “We will establish a package model that includes step-by-step cooperation strategies from planning to follow-up support in the health and medical fields where paid and free cooperation is most active, and expand the basis for domestic cooperation and external. .”