Eximbank President Hwang Ki-yeon presents EDCF innovation strategy
Korea Eximbank President Hwang Ki-yeon said the Economic Development Cooperation Fund will be "completely transformed," 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, according to the bank. "We will identify signature projects in AI, supply chains and culture, and expand the reach of Korea's economy through development cooperation that helps not only large conglomerates but small and medium-sized enterprises grow together," he said.
The forum, co-hosted by Korea Eximbank and the Ministry of Economy and Finance, was held to share the fund's new innovation strategy. The EDCF is a government-established fund created in 1987 to provide economic assistance to developing countries; Korea Eximbank manages and operates it under a mandate from the minister of economy and finance.
At the event, Korea Eximbank unveiled an innovation strategy built around three pillars: strengthening transparency and accountability, focusing on AI, supply chains and culture as priority areas, and resolving on-site difficulties faced by Korean companies in EDCF projects.
The bank said it will 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 will also expand the participation of private-sector experts in the review process, establish an integrated on-site inspection system and an internal whistleblowing mechanism, and tighten sanctions against unlawful or improper conduct — reinforcing both pre- and post-implementation controls.
Korea Eximbank plans to channel 9 trillion won (about $5.91 billion) in EDCF funds over three years through 2028. The bank intends to concentrate resources on AI, supply chains and culture — areas where demand from developing countries is high, Korean companies hold a competitive edge, and national strategic importance is significant.
"We will actively seek out 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 broaden opportunities for small and medium-sized enterprises to participate in EDCF projects.
hyuk@heraldcorp.com
