The BIMP-EAGA–Republic of Korea Cooperation Fund (BKCF) has commenced a new funding cycle this year, increasing the maximum grant amount from $300,000 to $500,000. The fund is inviting proposals for projects spanning 1 to 2 years that target key development priorities in the subregion, namely connectivity, environment, tourism, or agriculture and fisheries. The application deadline is March 7, 2024, at 23:59 Korea Standard Time.
This marks the fourth grant cycle of BKCF, which has supported 21 projects over the past two years. A majority of these projects align with BIMP-EAGA’s environmental sustainability goals, emphasizing clean energy transition, climate mitigation, and adaptation. Some projects address multiple priority areas and leverage smart technologies such as artificial intelligence and the Internet of Things.
Established by the Korean government in 2021, BKCF aims to foster inclusive and balanced growth in Southeast Asia, contributing to ASEAN Connectivity. The fund aligns with the Vision 2025 of BIMP-EAGA, a collaborative initiative formed in 1994 by Brunei Darussalam, Indonesia, Malaysia, and the Philippines. The Seoul-based Global Green Growth Institute (GGGI) serves as the depository and manager of BKCF.
This year, GGGI has issued updated guidelines for BKCF, delineating the priority sectors, eligibility criteria, application procedures, and the responsibilities of project proponents throughout the project’s lifecycle. The requisite application documents include the project proposal, project budget, completed due diligence form, project deliverables, and the project implementation plan. Templates and guidance for crafting effective project proposals can be found on the GGGI website.
Funding is exclusively available for programs or projects affiliated with BIMP-EAGA or its member countries. Eligible entities for submitting project proposals encompass government agencies, public sector institutes, academic and research institutes, NGOs, private sector entities, or any autonomous institutions from Brunei Darussalam, Indonesia, Malaysia, the Philippines, and the Republic of Korea. Individuals and entities subject to sanctions or debarment are ineligible for fund application.
BKCF has expanded the grant amount range this year, now accepting proposals for a 1-year grant ranging from $100,000 to $500,000 and a 2-year grant ranging from $200,000 to $500,000. For projects involving multiple countries or BIMP-EAGA regional projects, the maximum grant per country has been raised to $250,000 from $200,000.
In 2022, during the launch of the Korea–ASEAN Solidarity Initiative, the Republic of Korea announced its intention to increase its contribution to BKCF to $6 million by 2027. This aligns with broader plans to raise ASEAN-related cooperation funds to $48 million annually by 2027. Notably, in 2022, the Korean government augmented its contribution to BKCF from $1 million in 2021 to $3 million.
