The Export-Import Bank of Korea (Korea Eximbank) announced on April 1 that it held the EDCF Strategy Briefing for 2025 at its headquarters in Yeouido, Seoul with about 200 participants from EDCF-related organizations, such as engineering firms, construction companies, consulting firms, and associations.
The EDCF stands for Economic Development Cooperation Fund.
The Government of Korea established the EDCF on June 1, 1987 with the purpose of promoting economic cooperation between Korea and developing countries.
According to the three-year EDCF mid-term management plan announced at the briefing, the government plans to approve borrowing amounting to about 14.1 trillion won from the EDCF and spend about 7 trillion won during the 2025-2027 period.
Korea Eximbank will concentrate its support in key areas, such as green, digital, and supply chains, strengthening supply chain connections through the K-Finance package, and discovering large landmark projects.
At the event, system improvements, such as expanding private support, dispatching project management advisors (PMAs) and strengthening post-management, were shared in detail, which were prepared by collecting the opinions of companies and organizations that have participated in EDCF projects.
Korea Eximbank introduced the EDCF Academy curriculum, which was newly introduced to foster ODA experts and bidding information, such as an overall EDCF project process, and a list of projects scheduled to awarded in 2025, so that interested companies can prepare in advance for participating in EDCF projects in 2025.
“Korea Eximbank plans to place orders for about 40 EDCF projects totaling 4 trillion won in 2025, which will expand the bank’s overseas expansion base and actively support them in taking lucrative orders,” a Korea Eximbank official said.
“We hope that burden on Korean companies will be eased in the future as we have deeply considered improvement measures for institutional difficulties raised through corporate meetings and included them in the mid-term management plan.”
Financial Support for Korean Companies Struggling due to Chasm in Electric Vehicle Industry
During a visit to battery industry sites of Korean companies in the United States, Yoon Hee-sung, president of Korea Eximbank, pledged full financial support for Korean companies struggling due to a chasm in the electric vehicle industry.
Korea Eximbank announced on March 28 that Yoon visited a factory construction site of the Hyundai Motor Group - SK joint venture in Georgia on March 27.
The purpose of Yoon’s visit was to hear firsthand about the trends in the battery industry in intensifying global competition due to slowing demand for electric vehicles and to strengthen partnerships with Korean automakers and battery companies.
“The establishment of the K-Battery Alliance is expected to strengthen Korean companies’ competitiveness across the value chain,” Yoon said.
“Korea Eximbank will continue to strengthen a coordination system between industry and finance and provide all-round support to strengthen the competitiveness of ecosystems of high-tech strategic industries such as batteries.”
Meanwhile, Korea Eximbank announced that it will provide financial support totaling $1.5 billion to the project to build the battery factory which Yoon visited on the day.
Donation for Earthquake Victim Relief in Myanmar
Korea Eximbank announced on April 3 that it donated 50 million won to the Korean Red Cross for the relief of people hit by a recent earthquake in Myanmar.
The donation will be used to provide emergency support and relief supplies in the earthquake-stricken country.
“Korean Eximbank hopes that this donation will give a hope to the victims of the unexpected natural disaster,” said a representative of Korea Eximbank, “We will continue to actively participate in relief efforts in international disaster situations.”
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