Korea enacted the Framework Act on International Development Cooperation (Framework Act) and the Presidential Decree which came into force in July 2010, and laid the legal basis for a more effective ODA system. The Framework Act puts forward the basic spirit, objectives and principles that guide and govern Korea's provision of ODA. The Presidential Decree stipulates the detailed mandates for the enforcement of the Framework Act.
The Framework Act (Article 3) identifies the following five basic principles of the Korea’s International Development Cooperation: (i) reduce poverty in developing countries; (ii) improve the human rights of women and children, and achieve gender equality; (iii) realize sustainable development and humanitarianism; (iv) promote cooperative economic relations with developing partners; and (v) pursue peace and prosperity in the international community. Under these principles, the objectives of the Korea’s International Development Cooperation are to achieve the following matters: (i) reduce poverty and improve the quality of life of people in developing countries; (ii) support the development of developing countries and improve the system and conditions for such development; (iii) promote friendly relations and mutual exchanges with developing countries; (iv) contribute toward the resolution of global problems related to international development cooperation; and (v) engage in other matters deemed necessary for realizing the basic principles. Such international development cooperation vision is reflected in ODA policies and strategies. The vision is also repeatedly commented in various global fora on international development cooperation.
Act on the Measures for the Accession to International Financial Institutions(enacted in 1963) regulates the membership with the international financial institutions and measures to discharge the responsibilities as a member prescribed in the agreements governing the respective international financial institutions
Economic Development Cooperation Fund Act(enacted in 1987) regulates the establishment, operation and management of the Economic Development Cooperation Fund for carrying out concessional loan
Korea International Cooperation Agency Act(enacted in 1991) sets out the establishment of the Korea International Cooperation Agency (KOICA) and its mandates to carry out grant aid projects and technical cooperation
Overseas Emergency Relief Act(enacted in 2007) prescribes the matters necessary for overseas emergency relief, such as dispatch of emergency relief teams, provision of emergency relief supplies, support for interim recovery from disasters