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Supervising Ministries

The Framework Act (Article 9) designates that concessional loans shall be supervised by MOEF, and grant aid by MOFA within bilateral development cooperation. These two supervising agencies (i) prepare drafts to formulate the Mid-term Strategy and Annual Implementation Plans; (ii) examine the execution of Annual Implementation Plans; (iii) promote the Mid-term ODA Policy and Annual Implementation Plans under its jurisdiction; and (iv)other roles and functions that the CIDC deems necessary to assign, according to the Framework Act (Article 10).

Based on the Framework Act (Article 9), MOEF supervises concessional loans in bilateral aid and cooperation with Multilateral Development Banks (MDBs) in multilateral aid. For concessional loans, the Ministry establishes and reviews overall policy direction and annual plan. As the main agency for operating EDCF, it runs a Fund Management Council (chaired by the Minister of MOEF) and entrusts Korea Eximbank with the fund execution, including the identification, implementation and evaluation of concessional loans. Meanwhile, MOFA supervises bilateral grant aid and multilateral aid to the UN and other multilateral organizations. It oversees and coordinates grant aid by formulating overall grant aid policy direction and annual strategies, regional and country-specific program, while supervising KOICA to execute grant aid programs. MOFA also acts as an executive secretary to the Inter-Agency Grants Committee (chaired by the Vice Minister of MOFA).