Export-Import Bank chief vows signature projects in AI, supply chains and culture under revamped EDCF

Export-Import Bank of Korea President Hwang Ki-yeon said the Economic Development Cooperation Fund will be "completely renewed," pledging to make transparency and fairness the fund's new standards so that "the public can trust and rely on it."

Hwang made the remarks Wednesday at the "2026 EDCF Innovation Strategy Forum" held at the Korea Federation of Banks building in Jung-gu, Seoul. He said the bank would "identify signature projects in AI, supply chains and culture, and broaden the reach of Korea's economy through development cooperation that allows not only large conglomerates but also small and medium-sized enterprises to grow together."

The forum, co-hosted by the Export-Import Bank of Korea and the Ministry of Economy and Finance, served as a platform to share the EDCF's new innovation strategy. The EDCF is an economic aid fund for developing countries established by the government in 1987 and is operated and managed by the Export-Import Bank under a mandate from the minister of economy and finance.

At the event, the bank unveiled an innovation strategy built around three pillars: strengthening transparency and accountability, concentrating resources on the priority areas of AI, supply chains and culture, and easing the difficulties Korean companies face at project sites.

The bank said it would prioritize the public's right to information by disclosing key details at major stages of the process, including project identification and approval. It plans to introduce a policy accountability system and a project history registry to transparently record and manage decision-making trails, preemptively closing off any room for improper outside interference.

The bank also plans to expand the involvement of private-sector experts at the review stage, establish an integrated on-site inspection system and an internal reporting mechanism, and tighten sanctions against unlawful or improper conduct — reinforcing both pre- and post-implementation controls.

The bank intends to commit 9 trillion won in EDCF funds over three years through 2028, concentrating resources particularly on AI, supply chains and culture — areas where demand from developing countries is high, Korean companies hold competitive strengths, and national strategic importance is significant.

"We will actively identify projects with strong symbolic value and broad ripple effects — expanding the intersection where Korea's AI competitiveness meets the digital needs of developing countries, proactively building a foundation for spreading K-content and cooperating on critical mineral supply chains," a bank official said.

The bank also plans to pursue regulatory improvements to widen opportunities for small and medium-sized enterprises to participate in EDCF projects. To ease the difficulties companies face during project execution due to exchange rate fluctuations and other factors, it will strengthen consultations on local-currency contracts covering costs incurred in the field.

Starting this month, the bank will dispatch 30 EDCF Youth Regional Specialists to 11 developing countries, including Vietnam and the Philippines. The program selects prospective international development cooperation professionals from among domestic university and graduate students and sends them abroad as interns in developing countries.