Development co-operation institutions:
Korean development co-operation policy sits with the Ministry of Foreign Affairs and the Ministry of Economy and Finance and programmes delivered by their respective implementing agencies, the Korea International Cooperation Agency (KOICA) for grants and the Export-Import Bank of Korea (Korea EXIM Bank) for concessional loans.
Korea provided USD 2.9 billion of ODA in 2021, representing 0.16% of GNI. This was a significant increase of 20.7% in real terms in volume and an increase in share of GNI from 2020.While Korea has steadily increased ODA volume since it joined the Development Assistance Committee (DAC), the ratio of ODA to GNI has improved less substantially since 2011, when it had stood at 0.12%. The 2021-2025 Comprehensive Basic Plan recognises the need to continuously increase ODA considering that Korea’s ODA/GNI ratio is below the DAC country average. Korea therefore aims to double ODA volume from 2019 to 2030 as a minimum target. Within Korea’s ODA portfolio in 2020, 68.2% was provided in the form of grants and 31.8% in the form of non-grants.
Korea ranked 25th among DAC member countries in relation to its ODA/GNI ratio in 2021. Among DAC members in 2020, Korea had one of the highest shares of country programmable aid (81.6% of gross bilateral ODA in 2020) and ODA to fragile contexts (43.4%). It is also among the largest providers of aid for trade. In 2020, Korea had the highest share of bilateral ODA for the health sector among all DAC members.
Global Partnership monitoring trend
Click here for a snapshot of South Korea's results from the two most recent Global Partnership monitoring rounds (2018 and 2016). The Global Partnership monitoring process and framework have been revised, and the new round will take place from 2023 to 2026. This profile will be updated periodically as new data is generated by the monitoring exercise.
Use of monitoring results
- KOICA (Korea’s International Cooperation Agency) published a report in 2020 which investigates the role and functioning of the GPEDC and specifically mentions every Monitoring Round (including 2018). It also takes into account the last post monitoring survey and its results, as well as the ongoing process of reform.
The 2021 OECD mid-term review praised Korea’s follow-up to the 2018 peer review by updating its policy framework, reinforcing co-ordination across its development co-operation system, and strengthening the effectiveness of interventions in partner countries. It welcomed that Korea laid a new foundation for civil society partnerships by adopting a first civil society policy and implementation plan. The mid-term review underlined the need to increase ODA not only in volume but relative to GNI. It encouraged dialogue at partner country level and indicated opportunities for advancing policy coherence for sustainable development.