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 74% of the total budget of Korea’s bilateral ODA. KOICA has 44 representative offices in 44 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(MOFA) and the Ministry of Strategy and Finance (MOSF) are responsible for multilateral assistance.