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Korea Exim News

Cooperation Agreement with Afreximbank for Co-financing of African Development Projects Participated by Korean Companies

Date 2010.11.17 View 29132
On September 15, Chairman Kim Dongsoo of Korea Eximbank and Jean Louis Ekra of Afreximbank signed a cooperation agreement for co-financing of African development projects participated by Korean companies.

This agreement covers joint project development, co-financing, establishment of a mutual credit line, and exchange of information about country risks and the projects.

Afreximbank serves 53 member countries such as Nigeria, Egypt, and Ghana, and provides loans and guarantees for foreign transactions of members, The bank headquarters is located in Cairo, Egypt.

※ As of March 2009, Afreximbank had USD 1.445 billion in assets and USD 421 million in capital.

According to a representative of Korea Eximbank, "Through this agreement, Korean companies executing projects in Africa will be able to receive co-financing from Korea Eximbank and Afreximbank. Also, the agreement will assist Korean companies enter the African market more aggressively."