The Ministry of Strategy and Finance and Korea Exim Bank announced on March 17 that they will beef up their feasibility study for the Economic Development Cooperation Fund (EDCF).
The official development aid provided by the Korean government is divided into grants and loans. The Korea International Cooperation Agency (KOICA) under the Ministry of Foreign Affairs is in charge of the latter, and Korea Eximbank under the Ministry of Strategy and Finance is responsible for the former.
This year, the bank will change the method of on-site inspections for the feasibility study to a residence-based one, taking a couple of months so that the assistance can better reflect the needs of respective beneficiaries.
“Exact information and local networking are essential for the EDCF in developing countries to be successful,” the ministry explained, adding, “We are planning to hire local consultants for the examination of local regulations and administrative systems.”