Korea and Bangladesh Economic Cooperation through EDCF and KOICA:
South Korea has been a good friend and development partner of Bangladesh for long. South Korea has extended significant cooperation and support to Bangladesh since early 1970s. Bilateral relations cover a wide range of areas that includes trade, investment, infrastructure development, human resource development, and science and technology. Korea provides Economic and Technical Co-operations to Bangladesh’s major priority areas like- Health, ICT, Education, Water Treatment, Energy and Transport etc. Korea provides assistances to Bangladesh in the form of grant and loan through the following two organizations: Economic Development Cooperation’s Fund (EDCF), and Korea International Cooperation Agency (KOICA).
As of 2017 Bangladesh received approximately US $ 1.00 billion commitment which is the second largest among EDCF supported partner country. Bangladesh will get loans of up to $500 million from EDCF through Exim Bank of Korea for 2017-2020. It will finance several high-priority projects, such as the construction of a second railway-road bridge over the Karnaphuli River and 160 upazila ICT training and resource centres for education. Several other projects have also been identified for financing. The new arrangement will replace a previous one signed in November 2015 that facilitated loans of up to $350 million between 2015 and 2017. Korean Exim Bank is going to open a representative office in Dhaka soon.
Since its inception, 19 projects has been completed under KOICA grant with an amount of US $39.67 million in Bangladesh. Currently there are 8 ongoing projects in Bangladesh with a total cost of US $ 54.49 million. Other activities of KOICA: KOICA’s Volunteer Program, World Friends Advisor Program; KOICA’s Training Program.