South Korea and India sign US$10 billion funding agreement for infrastructure projects

South Korea and India have signed a US$10 billion agreement for infrastructure development in India, including investments in 'smart city' projects. The US$10 billion consists of US$9 billion in concessional credit and US$1 billion in Official Development Assistance (ODA). The move makes South Korea one of the first non-G7 countries to become an ODA donor to India.

News report – The Economic Times

South Korea

South Korea to finance new University of Environment and Sustainable Development in Ghana

The South Korea Export-Import Bank (Eximbank) and Ghana’s Ministry of Education have taken initial steps to establish the University of Environment and Sustainable Development in Accra. The two partners agreed that South Korea’s Economic Development Co-operation Fund (EDCF), administered by the Eximbank, will provide US$70 million for the project. Programs will include a school of agriculture and agro-entrepreneurship, as well as a school of engineering and technology. The university is to be located in Bunso, Eastern Ghana, which does not currently have a full-scale public university.  

News article - Ghana Web

South Korea

South Korea to provide US$1 billion in loans to the Philippines for infrastructure development

South Korea will provide a soft loan of US$1 billion to support a massive infrastructure development plan in the Philippines over the next six years. Delivered through the Export-Import Bank of Korea (Korea Eximbank), the funding will be invested in railways and ports, helping South Korean companies to participate in the country’s development.

The Philippines plans to finance around 20% of its infrastructure projects with foreign sources.

News article - Korea Herald

South Korea

South Korea signs multilateral accord on preventing tax evasion

At a high-level convention in Paris on June 7, 2017, South Korea joined a multilateral accord on implementing a tax treaty to prevent base erosion and profit sharing (BEPS). BEPS describes tax avoidance strategies that exploit gaps and mismatches in tax rules, in order to shift profits to low- or no-tax locations. The Korean government plans to gain parliamentary ratification of the accord. 

A total of 68 countries, including 33 OECD member states as well as China and India, took part in the convention. 

News article - KBS World Radio 

South Korea

South Korea to give US$300,000 in humanitarian assistance to Sri Lanka

South Korea will provide US$300,000 to Sri Lanka to assist in its recovery from heavy rains, and subsequent floods and landslides. The relief supplies provided by the South Korean Ministry of Foreign Affairs include tents, tarpaulins, and blankets, which will be distributed to displaced people in the affected areas.  

Press release - Ministry of Foreign Affairs 

South Korea

South Korea to provide US$200 million for tunnel in Sri Lanka

South Korea plans to loan US$200 million to Sri Lanka to support large-scale infrastructure projects. Most of the funding, which is channeled through the state-run Economic Development Cooperation Fund (EDCF), will be invested in a US$250-million project to construct tunnels, connecting roads, and bridges. According to the Ministry of Strategy and Finance, the South Korean government decided to finance this project to commemorate the 40th anniversary of diplomatic relations with Sri Lanka.

News article - Yonhap News Agency 

South Korea

South Korea invests US$9 million for better healthcare in Ghana

The Korea International Cooperation Agency (KOICA) has provided US$9 million to improve maternal, neonatal, and child healthcare in the Upper East Region of Ghana. The five-year project is aimed at reducing maternal and child mortality and morbidity and improving primary healthcare delivery. By strengthening the Community-Based Health Planning and Services (CHPS) systems, the project will enhance community engagement, increase supervision of health staff and volunteers, and establish sustainable emergency referral care centres. 

News article - Citi 97.3fm Online

South Korea Global health

South Korea invests US$5 million to improve girls’ education in Tanzania

The Korea International Cooperation Agency (KOICA) has launched a four-year long project of US$5 million to improve girls’ education in five districts in Dar es Salaam, Tanzania. It will provide vocational- and soft skills-training opportunities. The funding, which will be channeled through the United Nations Educational, Scientific and Cultural Organization (UNESCO), aims to benefit around 8,000 girls in school and another 600 outside a formal school setting.

News article - Tanzania Daily News

South Korea

South Korea holds first meeting of Global Disease Eradication Fund

Korea’s Ministry of Foreign Affairs (MOFA) held its first meeting of the committee of the ‘Global Disease Eradication Fund’ with officials from various ministries and the Korea International Cooperation Agency (KOICA), and private sector experts. Issues related to the management of the fund and the implementation of its projects were discussed. MOFA resolved to establish institutional partners for the fund’s operation by the end of 2017.

The Global Disease Eradication Fund is the successor of the Global Poverty Eradication Contribution. It is an innovative financing model, using funds raised through the international solidarity levy on air tickets to work with healthcare-related international organizations and NGOs to support developing countries in preventing and fighting diseases, and in building their capacities in public healthcare provision.

Press release - MOFA

South Korea Global health Global health R&D

UNICEF-Ghana and KOICA to address challenges faced by adolescent girls

UNICEF-Ghana and the Korean development agency (KOICA) have signed a partnership agreement to launch the ‘A Better Life for Girls in Ghana’ project, which seeks to address the inequalities that disproportionaly affect adolescent girls between the ages of 12 and 19 in the country. The project will work to combat child marriages, and support girls to stay in school and obtain vocational and entrepreneurial skills. It is part of KOICA's global campaign - 'A Better Life for Girls' - to strengthen health services and improve education for the most vulnerable girls in 15 countries.

Spanning 2017 to 2020, the agreement involves a US$5.2 million investment from KOICA, while UNICEF-Ghana will lead on strategy development and implementation in select districts. The hope, according to Woochan Chang, country director of KOICA in Ghana, is that the project will aid the successful implementation of Ghana's new National Strategic Framework on Ending Child Marriage.

News article - Ghana News Agency

South Korea Global health