- Discussions on Global Health and Climate Cooperation, and Mobilization of Development Finance

- Follow-up Measures Including Collaboration among Implementing Agencies

1. On Thursday, March 13, the Republic of Korea and the United Kingdom held the 11th ROK-UK Development Cooperation Policy Dialogue at the Ministry of Foreign Affairs in Seoul. This dialogue serves as a platform to discuss both grant-based and concessional development assistance. The Korean delegation was led by Mr. Park Jong han, Director-General for Development Cooperation at the Ministry of Foreign Affairs, and Mr. Moon Ji sung, Director General for Development Finance at the Ministry of Economy and Finance. The UK delegation was headed by Ms. Melinda Bohannon, Director General for Humanitarian and Development at the Foreign, Commonwealth & Development Office (FCDO).

※ Previous Meetings: 9th dialogue (March 18, 2021, virtual format), 10th dialogue (November 6, 2024, in London)

2. During the dialogue, both sides reaffirmed the importance of continued development cooperation in promoting shared prosperity in a rapidly evolving global development landscape. They agreed to deepen bilateral collaboration under the Strategic Development Partnership* (SDP) signed in 2023.

* The SDP, signed by the foreign ministers of both countries in 2023, outlines enhanced cooperation in five key areas: digital sector, climate and environment, health, private sector engagement and development finance, and gender.

3. In the sessions on ODA strategies and health/climate issues, both sides shared updates on their respective development policies. The Ministry of Foreign Affairs explained its continued efforts to increase the volume of ODA and emphasized plans to enhance the quality of aid through larger-scale projects and improved evaluation mechanisms. Korea also noted its commitment to advancing practical cooperation under the SDP in key global agendas of mutual interest—namely global health and climate/environment—by facilitating collaboration among implementing agencies (KOICA, KEXIM, and BII*) in the Indo-Pacific region.

* British International Investment (BII): The UK’s development finance institution under the FCDO that supports the private sector in developing countries

4. In the subsequent session, the Korean Ministry of Economy and Finance discussed strategies to revitalize development finance in the lead-up to the 4th International Conference on Financing for Development, scheduled for June. In light of the global trend emphasizing the mobilization of private resources beyond traditional government-to-government ODA, Korea shared its policy direction to expand private sector support through the Economic Development Cooperation Fund* (EDCF). The Korean side also outlined its position on key development finance issues, including reforms of multilateral development banks, and emphasized the importance of coordination among donor countries,, including the UK.

* Economic Development Cooperation Fund (EDCF): A fund established by the Korean government to provide long-term, low-interest loans to developing countries in support of their economic and industrial development

5. Lastly, the two sides discussed strategic cooperation between their respective development finance institutions—EDCF and BII—based on their comparative strengths. They agreed on the need to first share information on each country's priority regions and to build a foundation for joint future projects.