Choi Sang-mok: "Economic Cooperation Fund-ADB Cooperation Loan Raised from $700 Million to $2 Billion"

The government will increase the Overseas Economic Cooperation Fund (EDCF)-Asian Development Bank (ADB) concessional loan from the existing $700 million to $2 billion.

According to the Ministry of Economy and Finance on the 6th, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok met with ADB President Masatsugu Asakawa in Tbilisi, Georgia, on the 4th, signing a memorandum of understanding (MOU) to renew the concessional loan agreement and a letter of intent (LOI) to participate in the newly established multilateral fund, the Central Asia Climate Sustainable Project Preparation Fund (CSPPF).

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, who is visiting Tbilisi, Georgia to attend the Asian Development Bank (ADB) Annual Meeting, is speaking at the 'ADB Governor Business' session held at the Sheraton Hotel on the 5th (local time). (Photo by Ministry of Economy and Finance)

Deputy Prime Minister Choi said, "We will significantly increase the concessional loan from $700 million to $2 billion to actively respond to the expanding development demands such as digital and green sectors," adding, "We will continue to cooperate closely, including participating in the new multilateral fund."

He also urged the ADB to actively strengthen supply chains related to critical minerals and clean energy technologies in the Asia-Pacific region. He added that he hopes for an expansion of Korean nationals in senior positions at the director level and above within the ADB.

President Asakawa expressed gratitude for Korea's active participation.

In a separate 'business session' speech, Deputy Prime Minister Choi stated, "Despite the robust growth in the Asia-Pacific region, concerns about downside risks to the global economy are increasing due to rising conflicts and geopolitical tensions," emphasizing, "The role of the ADB is more important than ever."

The Ministry of Economy and Finance reported that he expressed expectations for the internal organizational reform plan called the 'New Operating Model' (NOM) and highly appreciated efforts toward decentralization. He also requested other member countries to show interest in the 'Climate Technology Hub' (K-Hub), jointly established by Korea and the ADB.

Meanwhile, on the 4th, the Ministry of Economy and Finance jointly held a fintech seminar with the ADB locally. This was part of the ASEAN+3 fintech working group activities led by Korea.

Choi Ji-young, Director General for International Economic Affairs, introduced the opportunities and challenges brought by digital innovation in the financial industry and emphasized the importance of international cooperation in her opening remarks.

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