|SUBJECT||Korean Companies Join the Fun in the Land of Samba|
□ On Oct. 18, Korea Eximbank (www.koreaexim.go.kr, Chairman & President Yong Hwan Kim) signed an MOU with Banco Nacional de Desenvolvimento Econômico e Social(BNDES)*, the policy bank of Brazil, in the capital city of Brasilia.
○ This MOU, signed by Deputy President Dong-soo Park of Korea Eximbank and Executive Director Paulo Roberto of BNDES, will enhance cooperation between Korean and Brazilian public financial institutions to provide effective financial support for Korean companies engaged in infrastructure and large-scale resource development projects in Brazil.
* BNDES is a policy bank established to manage utilization of long-term financing for the promotion of economic development, improvement of national economic competitiveness, reduction of the wealth gap and regional differences, and creation of jobs.
□ Brazil is emerging as a blue chip for Korean companies seeking to win overseas contracts because the country is anticipated to make large-scale infrastructure investments such as airports and seaports ahead of the 2014 World Cup and 2016 Summer Olympics in Brazil.
□ During the MOU ceremony, Deputy President Park stated, “Brazil possesses great potential for growth as the country is rich in natural resources and new forms of energy such as bio-ethanol and will be making large-scale infrastructure investments in transportation networks and plants after having successfully secured the honor of hosting several international events. Korea Eximbank will work closely with BNDES to provide co-financing to Korean companies and thus maximize opportunities for Korean companies to participate in Brazil’s large-scale projects.”
□ Korea Eximbank and BNDES agreed to share knowledge and expertise through annual meetings, seminars, and forums, for effective execution of the MOU.
□ In addition to the MOU, the two institutions will soon be concluding a cooperative loan agreement, specifying conditions for joint support, sectors, scale, and procedures, in order to solidify cooperation for provision of financial support.