South Korea is the 14th-largest donor country, spending US$1.9 billion on net official development assistance (ODA) in 2015 (in current prices). This corresponds to 0.14% of its gross national income (GNI).
The ‘Strategic Plan for International Development Cooperation for 2016-2020’ outlines the current strategic priorities of South Korea’s development policy and indicative volumes of ODA. Among other things, it specifies that the country will continue to channel around 40% of its ODA in the form of loans.
Though South Korea is expected to increase its ODA in years to come, a large part of the anticipated additional funds has not yet been allocated. This provides opportunities to engage with the South Korean government and shape future funding allocations.
How much ODA does South Korea provide?
What are South Korea’s strategic priorities for development?
Who are the main actors in South Korean development cooperation?
How is the South Korean ODA budget structured?
What are important decision-making opportunities in South Korea’s annual budget process?
How is South Korea’s ODA spent?
The South Korean Ministry of Foreign Affairs has announced that development assistance to Sri Lanka from the state-run Economic Development Cooperation Fund will increase by US$300 million over the next three years. Making the announcement during a visit to the Sri Lankan capital Colombo, Foreign Affairs Minister Mangala Samaraweera also said South Korea will provide an additional US$200,000 in-kind, as humanitarian assistance for drought relief. Marking four decades of diplomatic relations, the countries also signed a Memorandum of Understanding between their respective national diplomatic academies to strengthen mutual cooperation in the training of diplomats. In bilateral discussions during the trip to Colombo, the two countries focused on strengthening trade and investment partnerships.
South Korea’s Ministry of Strategy and Finance (MOSF) announced that it will expand its participation in overseas infrastructure projects that are co-financed by international development banks. The aim is to advance South Korean business development in developing countries, especially through gaining access to infrastructure-building markets abroad. According to the MOSF, the state-run Economic Development Cooperation Fund (EDCF) will streghten its work with five major institutions: the World Bank, the Asian Development Bank, the African Development Bank, the Inter-American Development Bank, and the Central American Bank for Economic Integration.
The 58th Annual Meeting of the Inter-American Development Bank (IADB) and the 32nd Annual Meeting of the Inter-American Investment Corporation takes place in Ascunción, Paraguay. This official gathering is a forum for discussion among the institutions' Governors, many of whom are finance ministers of the regional and non-regional member countries, central bank presidents, and advisors. Representatives from multilateral financial institutions, development agencies, and commercial and investment banks are also invited to attend.
Location: Asunción, Paraguay
The city of Busan, Korea is preparing to host the Korea-Africa Business Forum with the dual goal of broadening economic cooperation between South Korean and African companies and opening up new markets. The forum, held at the Busan Exhibition & Convention Center, is co-hosted with the African Development Bank, which will hold its own annual general meeting in Busan in May 2018.