The South Korean government will launch integrated projects that combine concessional and aids to support the sustainable development of developing countries. This initiative also wants to create opportunities for Korean companies to expand internationally.
During a meeting of the Project Review Committee of the Economic Development Cooperation Fund (EDCF) at the 19th in the Seoul government complex, 10 government ministeries and six assistance for assistance gathered to select 56 new candidate projects. The discussion focused on strategies for connecting concessional help from the EDCF with various subsidy utensils.
One of the most striking projects is the construction of the Pangange Bay Marine Bridge in the Philippines. This project will use the assistance of the EDCF concession to build the bridge, while the Ministry of Lands, Infrastructures and Transport will set up an intelligent integrated maintenance system in the context of its subsidy assistance. This global approach aims to improve the infrastructure skills of developing countries by guaranteeing sustainable management systems.
Another important initiative is found in Egypt, where the modernization of the signal system for universities supported by the EDCF is supplemented by a subsidy aid program by the Ministry of Health and Well-Being in order to carry out a training for the treatment of mass accidents. This project combines the improvement of the infrastructure with improved medical reaction functions.
In Ghana, the EDCF will finance the construction of water consumption and cleaning installations, while the knowledge exchange program (KSP) of the Ministry of Economic Affairs and Finance will provide political advice for the introduction and the ‘Improvement of water resources management systems. This initiative offers both practical benefits through access to clean water and enhanced policy frameworks. A Ministry of Economy and Finance official stated, “By leveraging cooperation between various government ministries and grant aid programs through the review committee, we aim to support the sustainable development of developing countries while strengthening the foundation for Korean companies to expand abroad.” The official added that the government is committed to creating a successful model for global economic cooperation.
Source: korea post
