ADB and the Economic Development Cooperation Fund (ECDF) of the Republic of Korea have consolidated their partnership in the Asia and Pacific region, with more cofinancing expected after the signing of the updated memorandum of understanding (MOU) in 2015 earmarking $600 million over a period of 3 years.

Through the respective processes, procedures, and requirements presented here, this guide will make coordination and communication easier and more efficient, and the work more synchronized. This guide also serves as a practical reference on cofinancing statistics between ADB and EDCF, cofinancing definitions, and other useful information to guide staff on cofinancing ADB projects.

Quick Facts

• The Republic of Korea established the EDCF under the Ministry of Strategy and Finance (MOSF) to be implemented by Export-Import Bank of Korea (KEXIM) in 1987.
• In 2015, the Republic of Korea provided $1.9 billion in net official development assistance (preliminary data), which represented 0.14% of gross national income and an 8.3% increase in real terms from 2014. (http://www.oecd.org/dac/korea.htm)
• The Republic of Korea and ADB began their cofinancing relationship in 1993.
• ADB-administered Republic of Korea e-Asia and Knowledge Partnership Fund was established in 2006 with cumulative commitment of $57.7 million.
• The Republic of Korea became the first Asian country to join ADB’s Future Carbon Fund with $20 million total contribution.
• The Republic of Korea and ADB signed a new MOU on Enhancements to Cofinancing Arrangements in 2015 for $600 million from May 2015 to May 2018.
• To date, the Republic of Korea’s contribution to Special Fund Resources include $553.6 million in the Asian Development Fund, $35.3 million in the Technical Assistance Fund and $2.2 million in the Asian Development Bank Institute.