Economic Development Cooperation Fund
Korea Approves COVID-19 to
Asian and African Countries Through EDCF
As it was announced during 213th Ministerial Meeting on International Economic Affairs held on April 27th, the Korean government approved loans and aids to developing countries in Africa and Asia through Korea Economic Development Fund (EDCF) worth US $0.4 billion to improve international cooperation amid the pandemic including supporting healthcare programs.
Loan programs to African Countries
The Korean government announced to deliver US $70 million in loans to developing countries in Africa, Ghana and Tanzania through co-financing with Africa Development Bank (AfDB) on October 22nd and November 3rd. This marks US $140 million support for Africa in total including US $70 million aid for Ethiopia which was approved back in June.
Healthcare aid programs to Asian Countries
Additionally, the Korean government announced approval of US $200 million aid to Bangladesh on October 26th along with Philippines, Cambodia on October 12th as an effort to support Asian countries hit by COVID-19.
The COVID-19 aid funds will be used to improve health care system and disease prevention including building a better medical facilities to effectively combat against the pandemic.
Please refer to the attached pdf
