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Korea’s ODA consists of three types of aid: 1) bilateral
grants, 2) bilateral loans, and 3) multilateral assistance.
Bilateral grant aid comprises of technical cooperation
and various types of transfers (made in cash, goods,
or services) with no obligation for repayment. Bilateral
loans, on the other hand, are provided on concessional
terms under the name of the Economic Development
Cooperation Fund (EDCF). Lastly, multilateral assistance
is delivered either as financial subscriptions or (grant)
contributions to international organizations.
In
terms of ODA implementation, KOICA is responsible for
Korea’s bilateral grant aid and technical cooperation
programs while the Korea Export-Import Bank (Korea Eximbank)
administers the EDCF loans. KOICA’s bilateral grant
aid makes up around 40% of the total budget of Korea’s
bilateral ODA. KOICA has 30 representative offices in
28 partner countries, and these overseas offices play
a critical role in implementing KOICA’s aid programs
at the field level. To maximize the effectiveness of
our development cooperation, KOICA continuously collects
and updates information on the needs and demands of
partner countries through policy dialogues with various
stakeholders and/or demand surveys conducted through
Korean embassies and overseas offices.
The Ministry
of Foreign Affairs and Trade (MOFAT) and the Ministry
of Strategy and Finance (MOSF) are responsible for multilateral
assistance.
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KOICA’s
Legal Framework: Korea International Cooperation Agency
Act
The KOICA Act was enacted in 1991
to establish KOICA with the task of implementing Korea’s
grant aid programs and promoting international cooperation.
The Act provides a legal platform for KOICA’s grant
aid programs, human resource management, and ODA policy
implementation. According to the Act, KOICA’s grant
aid programs include the following: (a) invitation of
trainees; (b) dispatch of experts and volunteers; (c)
research for development studies; (d) emergency and
distress relief activities; and (e) provision of commodities,
capital, and facilities. Also prescribed in the Act
are programs to support civil society organizations,
cooperation with multilateral organizations, research
and policy planning, as well as projects entrusted by
the Korean government.
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