KOICA launches 'Innovation Committee' to enhance transparency

The Korea International Cooperation Agency (KOICA) has launched an 'Innovation Committee' to enhance transparency and improve its public image. Several KOICA projects had been suspected of being influenced by Choi Soon-sil, a close confidante of the ousted former president Park Geun-hye, which tarnished the agency's reputation. 

The Innovation Committee will solicit public opinions and hold debates about what should be done to reform KOICA before proposing its recommendations in January 2018.

News article - Korea Herald

South Korea

South Korea to provide US$500 million to Sri Lanka for range of priorities

Commemorating the 40th anniversary of diplomatic ties between South Korea and Sri Lanka, the two governments signed a Framework Arrangement (FA) with a commitment of US$500 million in bilateral concessional loans from South Korea through its Economic Development Cooperation Fund (EDCF). The two governments will use the funds to work closely on their priority sectors, which include transportation, water and sanitation, education, and rural development.

News article - The Sunday Times

South Korea

South Korea gives US$8 million to fund new health center in Cambodia

South Korea has announced US$8 million to fund a new health center focused on treating ear, nose, and throat (ENT)-related diseases in Cambodia. Rates of these diseases have been on the rise, and effective treatment has been hindered by a lack of adequate infrastructure and experienced doctors. The funding will therefore support the provision of advanced medical equipment and training programs in ENT diseases for medical professionals, as well as the development of a new building.

News article-  Khmer Times

South Korea Global health

Lee Mi-kyung appointed as new president of Korea International Cooperation Agency

Lee Mi-kyung became the new president of the Korea International Cooperation Agency (KOICA) on November 28, 2017.  Mi-kyung is a former five-term member of the National Assembly affiliated with the ruling Democratic Party. She has vowed to improve the effectiveness, transparency, accountability, and systematic operation of Korea’s ODA.

News article - Korea Herald

South Korea

South Korea provides US$2.5 billion in project financing to Uzbekistan

South Korea has announced US$2.5 billion in project financing to Uzbekistan over the next three years. The funding comes as a concessional loan delivered via Korea’s Export-Import Bank (Exim Bank). The loan will be invested in improving Uzbekistan's infrastructure, strengthening its social development, and enhancing ties between the two countries.

News article - Korea Herald

South Korea

South Korea provides US$1.7 billion credit facility to support energy and transport in Philippines

South Korea has offered a US$1.7 billion credit facility and other non-lending programs to the Philippines via its Export-Import Bank, which controls an economic development cooperation fund that facilitates ODA. The credit will be used to promote priority programs in transport and energy and may also provide opportunities for South Korean companies entering into joint ventures with local companies in the Philippines.

News article  - Phil Star

South Korea

South Korea to provide US$10 million for vocational school in Jordan

The Korea International Cooperation Agency (KOICA) and the Ministry of Education of Jordan have signed an agreement to establish a vocational school in Zarqa, Jordan. KOICA will provide US$10 million for the project, as well as train the teachers on how to use modern educational equipment and technologies.

Press release – Jordanian government

South Korea Education

OECD DAC holds meetings in Paris to discuss ODA

The Development Assistance Committee (DAC) of the Organization for Economic Cooperation and Development (OECD) held key meetings this week at its headquarters in Paris, hosting delegations from the 30 richest donor countries to discuss the rules surrounding ODA. A number of controversial issues were debated, including 1) the amount of ODA that donors can spend on in-country refugee costs, 2) the cap on the amount of ODA that can be directed towards multilateral peacekeeping efforts in conflict-affected countries, and 3) how to measure ODA spent through blended finance mechanisms.

The UK in particular has been critical of existing ODA regulations, having previously suggested that it may pull out of OECD-DAC if rules surrounding spending on military and security costs remained unchanged.

News article - Devex

South Korea to increase loan support to Latin America

South Korea has signed an agreement with the Inter-American Development Bank (IDB) to provide an additional US$300 million to Latin America through a syndicate loan. Provided by South Korea’s Economic Development Cooperation Fund, the loan serves as financial assistance for infrastructure projects. It is an increase from a previous US$100 million in loan support.

News report – Business Korea

South Korea