Phnom Penh (FN), Mar. 10 – EDCF’s first country evaluation workshop co-hosted by Ministry of Economy and Finance of Korea and Korea Eximbank. Policy dialogue also held between the two governments to discuss pipeline projects under the framework arrangement 2022-2026, signed December 2022.
The Ministry of Economy and Finance of the Republic of Korea (MoEF) and Korea Eximbank co-hosted the first Economic Development Cooperation Fund (EDCF) Country Evaluation Workshop (workshop) on March 10, 2023 at Hyatt Regency Phnom Penh.
The workshop shared the country evaluation results of the last 20-year EDCF engagement in Cambodia. The MoEF commissioned the country evaluation in Cambodia to assess EDCF operations, derive lessons learned and improve future EDCF interventions in Cambodia.
The Korean side includes Ministry of Economy and Finance of Korea, Korea Eximbank, consultants and contractors of EDCF projects, the Cambodian side includes Ministry of Economy and Finance of Cambodia, Ministry of Public Works and Transport (MPWT), Ministry of Rural Development (MRD), Ministry of Water Resources and Meteorology (MOWRAM), Electricite du Cambodge (EDC), Phnom Penh Water Supply Authority (PPWSA) and Development Partners side includes Asian Development Bank (ADB), Agence Française de Développement(AFD), Japan International Cooperation Agency (JICA), KOICA have also participated the event.
H.E. Hem Vanndy, Secretary of State of MEF Cambodia delivered the welcoming remarks and Mr. Sang-deok Na, Minister Counsellor of the Embassy of the Republic of Korea to the Kingdom of Cambodia delivered the congratulatory remarks at the workshop. Key Cambodian government officials, development partners such as ADB, JICA and AFD and consultants/contractors of EDCF projects also attended the workshop.
Kyunghee Kim, Director General of the Development Finance Bureau at the MoEF remarked Royal Kingdom of Cambodia is the second largest partner country of EDCF. With EDCF framework arrangement of $1.5 billion from 2022 to 2026 signed by the two governments last year, this is the opportune time to discuss and identify the priority EDCF interventions that will contribute to inclusive and sustainable development in Cambodia.
EDCF financing to Cambodia has expanded dramatically in recent years, reaching $1.8 billion of commitment in 2022. The most recent project is Cambodia-Korea Friendship Bridge Project, which two governments signed the loan agreement to finance $246 million to build two cable-stayed bridges connecting Phnom Penh capital and Kandal province over Tonle Sap River and Mekong river.
A day before the workshop, H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance of Cambodia, and Kyunghee Kim, Director General of MoEF met and discussed ways to enhance the EDCF’s long-term role as a key development partner of Cambodia based on strategic priorities of both governments.
At the policy dialogue on March 9, 2023, the two governments agreed to focus on green, digitalization and health sectors, three operational priorities of EDCF Medium-term Operation Strategy 2023-2025, while continuing its support to transportation and water resources/health sectors, which account for 81% of the total EDCF commitment to Cambodia.
The back-to-back policy dialogue and the workshop reaffirmed the strong bilateral development cooperation between the two countries and the two governments agreed to continue to work closely to identify and respond more effectively to development challenges of Cambodia.
Economic Development Cooperation Fund (EDCF) is official development assistance fund established by the Korean government in 1987. Korea Eximbank has been entrusted by the Ministry of Economy and Finance to operate and manage the EDCF. It provides highly concessional loans support industrial development and economic stability in developing countries and promote economic exchanges between developing countries and Korea.
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