KIAT, ODA Promotion with World Bank... Establishing ESS in Bangladesh, etc.

Joint Initiative with World Bank and Inter-American Development Bank
First Domestic Institution to Hold Joint ODA Planning and Briefing Session with World Bank
KIAT "Energy Companies Expected to Use ODA as a Stepping Stone for Market Diversification"

Seok Young-cheol, President of the Korea Institute for Advancement of Technology (KIAT). (Photo by Korea Institute for Advancement of Technology)

[Asia Economy Reporter Moon Chaeseok] The Korea Institute for Advancement of Technology (KIAT) announced on the 1st that it will promote energy official development assistance (ODA) in collaboration with the World Bank (WB), the Inter-American Development Bank (IDB), and others. It will transfer pilot projects for energy storage systems (ESS) to Asia, the Commonwealth of Independent States (CIS), Africa, and Latin America.

KIAT stated that it is promoting the "2020 Energy Industry Cooperation Development Support Project Designated Task Detailed Planning Announcement." It aims to spread the Korean New Deal globally and support domestic companies in entering emerging markets.

Through this ODA, KIAT expects to contribute to the global expansion of the Korean Green New Deal by advancing projects in the ESS and smart grid sectors.

The selected implementing agencies will finalize the projects by February next year in cooperation with the local branches of each bank and the relevant ministries of the recipient countries. The feasibility of the projects will be confirmed through quantitative and qualitative analyses.

Source=Korea Institute for Advancement of Technology (KIAT)

The application period is until the 25th of this month. After the selection evaluation, the implementing agencies will be chosen within next month. The project announcement can be found on the KIAT website under project announcements.

Meanwhile, KIAT will hold a joint briefing session with the WB, becoming the first domestic ODA institution to do so. The briefing will provide detailed explanations of the announcement contents and key points for each task.

Seok Young-cheol, President of KIAT, said, "KIAT will expand cooperation with international organizations to play a leading role in spreading the Korean New Deal. Domestic energy companies are facing difficulties due to the novel coronavirus disease (COVID-19), and we hope this ODA will provide a foothold for market diversification."

Since 2018, KIAT has been striving to establish a structure of "joint planning with multilateral development banks → pilot project implementation → global expansion of the Korean-style ODA model" through cooperation with the WB and IDB.

For this project, the WB and IDB branches identified projects that could be linked with existing initiatives. Subsequently, they discussed the project scope and support details with KIAT. The tasks were finally planned in a way that each bank proposed to KIAT.

This content was produced with the assistance of AI translation services.