On November 25, the Ministry of Strategy and Finance and the Filipino National and Economic Development Authority (NEDA) held an Economic Development Cooperation Fund (EDCF) policy meeting to discuss ways to provide relief to regions that were damaged by Super Hurricane Haiyan. The meeting resulted in Korea agreeing to utilize the EDCF to provide US $500 million in support over 4 years (2014-2017), which would include disaster prevention facility construction, rural development, and airport construction to areas that were hit by Super Hurricane Haiyan.
The EDCF provides industrial development and economic stabilization support, and was established in 1987 to promote the advancement of economic development cooperation with Korea and other countries.
The agreement is expected to strengthen cooperation between Korea and the Philippines, a supporter of Korea during the Korean War and a priority for Korean Official Development Assistance (ODA). The government will promote comprehensive disaster restoration and prevention support, which includes short-term damage restoration for regions hit by the hurricane (US $5 million for humanitarian aid, and US $20 million for reconstruction) and middle to long-term support, such as the construction of disaster prevention systems.
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