Eximbank wins presidential commendation for contribution to ODA
The Export-Import Bank of Korea (Eximbank) Chairman and President Yoon Hee-sung, right, poses with Prime Minister Han Duck-soo, center, at the "2022 ODA Day" event in Seoul, Friday, where the bank won the presidential commendation for its contribution to ODA. Courtesy of Eximbank
By Yoon Ja-young
The Export-Import Bank of Korea (Eximbank) was awarded the presidential commendation for its contribution to the country's efforts for international development cooperation.
According to Eximbank, it won the award at the “2022 ODA Day” on Nov. 25, an event hosted by the Office for Government Policy Coordination. The day has been celebrated here since 2010 to commemorate Korea joining the Organisation for Economic Cooperation and Development (OECD)'s Development Assistance Committee (DAC) on Nov. 25, 2009.
At the event held in Seoul, Prime Minister Han Duck-soo gave the presidential commendation to the Eximbank Chairman and President Yoon Hee-sung.
Assigned by the Ministry of Economy and Finance, Eximbank has been operating and managing the Economic Development Cooperation Fund (EDCF) for 35 years. The official development assistance (ODA) fund was set up to support the economic development of developing countries as well as promote their economic cooperation with Korea by providing long-term, low-interest rate loans.
Since its establishment in 1987, the EDCF has provided loans worth $21.4 billion for 489 projects in 58 countries, contributing to sustainable economic growth as well as better quality of life in developing countries through the development of economic and social infrastructure, on top of enhancing Korea's status in the international community.
It is also in charge of executing around 41 percent of Korea's annual bilateral ODA budget. Its expertise in project assessment and loan management has been supporting the government's expansion of ODA.
It is continuing efforts to effectively support developing countries to get funding for development, including not only EDCF but also the Economic Development Promotion Facility (EDPF) as well as export financing. The EDPF uses loans that Eximbank obtained from the financial market for funding, but it provides a long-term, low-interest rate ODA as it gets financial support from the Korean government.
For water supply in Jakarta, Indonesia, for example, the construction of the Karian Dam was supported through the EDCF and the waterway through the EDPF, while the construction of the water purification plant in Serpong was accompanied by export financing.
“It is a great pleasure that Eximbank's efforts and accomplishments during the past 35 years were recognized with this award,” Eximbank Chairman and President Yoon Hee-sung said.
“We will continue to contribute to Korea's ODA by strengthening partnerships with other organizations and preemptively coping with changes in the international development atmosphere, including expanding support to cope with climate changes,” he added.