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The Export-Import Bank of Korea (EXIM Bank), a government agency for Export Credit, has been providing a variety of financial products aimed at enhancing economic cooperation with foreign countries.

To this end, EXIM Bank launched trade-related instruments under the Interbank Export Credit (IEC) primarily fostering the foreign banks (the Bank) to support their buyers various financial scheme.

Structure of IEC

IEC is comprised of following 3 trade-related instruments

Interbank Export Loan (Long-term/Short-term)
EXIM Bank enables the Bank to provide loan to their local importers of Korean goods
United Two-step Loan
EXIM Bank enables the Bank to provide loan to Korean Related Company(KRC) or a Transacting Company(TC)
L/C Confirmation
EXIM Bank confirms to negotiate drafts drawn by the beneficiary and/or documents presented under the L/C without recourse to drawer

IEC for the Bank and the Importer

Advantage to the Bank
  1. The Bank can predominate an active position in import finance of the Korean goods within its own country
  2. Low funding cost and sufficient financing tenor are available with the Interbank Export Loan and Refinancing
  3. L/C Confirmation and Guarantee shall strengthen the Bank’s credit to its utmost level
Advantage to the Importer
  1. The Importer which is short of its own funds, can find the best financing opportunity through various instruments under IEC
  2. The most favorable terms and conditions (interest rate, tenor etc.) can be accessed through Interbank Export Loan and Refinancing
  3. A wide range of financing services is among the merits of the IEC with L/C Confirmation and Guarantee, creating a chance to facilitate transactions satisfying both the importer and the exporter

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