The Export-Import Bank of Korea (KEXIM) plans to set up an additional group to strengthen the business sector of the Economic Development Cooperation Fund (EDCF).
According to the financial industry sources on June 19, KEXIM will establish new EDCF group as part of its reorganization in the second half of this year and a new executive director post will be added.
The group is currently composed of a planning and coordination department, two operations departments, an operations cooperation department, a multilateral development bank (MDB) operations department and an evaluation and compliance department. Employees will be reassigned to one of the groups through a regular personnel reshuffle.
Entrusted by the government, KEXIM is responsible of the administrative operation of EDCF, including project investigation and identification, execution of the loan agreements and evaluation. EDCF accounts for about a third of the organization and work of KEXIM.
EDCF is an official development assistance (ODA) fund that supports economic development and industrialization in developing countries and offers loans with almost 0% interest rate. ODA is divided into grants and loans.
The EDCF groups have grown in size from a year ago, with the addition of the MDB operations department and EDCF evaluation and compliance department. The MDB operations department was established to strengthen cooperation between international organizations, such as the World Bank and the Asian Development Bank, while the latter was founded to strengthen post-completion support.
Currently, there are eight groups in KEXIM. They include the planning and coordination group (led by Baek Nam-soo), the project finance group (Yang Hwan-joon), innovation growth business finance group (Kwon Woo-seog), small and medium-sized enterprise (SME) finance group (Kim Kyung-ja), economic development and cooperation group (Kim Tae-soo), inter-Korean cooperation fund group (Park Kyung-soon), risk management group (Lee Dong-hwan), and the chief compliance officer (Cho Young-jo).
If the second group for EDCF is established, the number will increase to nine. The new executive director is expected to be announced soon. (Reported by Hyunwoo Jin)