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Korea Exim News

Korea Eximbank Sets Financing Target of KRW 60 Trillion for 2010

Date 2010.01.13 View 31099
□ On January 4, the Export-Import Bank of Korea(www.koreaexim.go.kr, Chairman Dongsoo Kim) unveiled its 2010 financing plan aimed towards promoting exports for enhanced economic recovery.

The KRW 60 trillion financing plan will include KRW 38 trillion in loans and KRW 22 trillion in guarantees. The total amount is a 13.2% increase over 2009 year's total of KRW 53 trillion.

□ Of the KRW 38 trillion earmarked for loans, KRW 28.4 trillion will be allocated to supporting exports, KRW 3.5 trillion to foreign investments, and KRW 1.7 trillion to developing natural resources, and KRW 4.4 trillion to the import of raw materials and high-tech products. KRW 22 trillion will also be provided in the form of performance guarantees to support Korean companies garner large overseas projects such as plants, ships, and overseas construction.

□ The shipping sector will be allocated with KRW 22.3 trillion, an amount similar to 2009 levels; however, support for plant and construction sectors will be increased to KRW 9 trillion as the sectors have demonstrated substantial growth in terms of orders received. To ensure future growth, support for green finance and natural resources development credit will be doubled last year's amounts to total KRW 2.2 trillion each.

□ The 2010 financing plan also outlines the provision of KRW 17.2 trillion to SMEs to strengthen exporting capacities and assist cash strapped SMEs. Of the total, KRW 16.2 trillion will be provided as loans and KRW 1 trillion will be provided in the form of guarantees. I
? This is a 30% increase over the previous year's amounts of KRW 13 trillion. In particular, the budget for loans reflects an increase of 40% over last year's total of KRW 11.5 trillion.
? As a result of these plans, the proportion of loans to SMEs will increase to 42.5% from 38.3%, emphasizing Korea Eximbank's role as a financial institution dedicated to supporting SMEs.