South Korea is the only country that has switched its statue from a recipient of aid to a donor country that offers aid. After joined OECD/DAC in 2009, other countries are growing interest about ODA of Korea. In particular, food & agriculture cooperation initiative which is multilateral ODA of RDA in Korea is differentiated bilateral ODA. Therefore, other countries was growing interset about performance of ‘food & agriculture cooperation initiative’ Accordingly, purpose of this study is to find out the recipient countries economic effects of ‘Water management of rce project’ and ‘Cacao project’ among 3 project that are bring worked on by ‘Korea-Latin America Food & Agriculture Cooperation Initiative(KoLFACI)’ established in 2014. The best result obtained from KoLFACI projects was that project performance was significantly great despite small scale of budget invested. Economic ripple effect of water management of rice project was estimated as approximately USD 20,014,377 for upcoming 9 years in Peru and USD 6,081,463 for upcoming 9 years in Colombia. In Guatemala, economic ripple effect of training activities via cacao project was estimated USD 27,258 for project period(4 years). Also, the effect of fermentation and dry technology about Cacao in Colombia presume result. Estimation result, fermentation and dry technology effect was estimated USD 2,177,152 in Colombia upcoming 9 years. It means that KoLFACI project was technology development and distribution-centered, small scaled project with annual USD 20,000 ~ 30,000 budget, of which economic ripple effect was great in terms of low cost and high efficiency ODA project. We will search for ongoing methods that contribute to the role expansion of Korea and the agricultural development of the recipient country will be needed through the expansion and complementation of a low-cost and high efficiency ODA project such as the KoLFACI project.