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Korea Exim News

USD 50 Million EDCF Cooperation Agreement Signed with Bolivia

Date 2011.04.14 View 28195
□ Yong Hwan Kim, Chairman & President of Korea Eximbank, signed a USD 50 million EDCF Cooperation Agreement in Calgary, Canada with Viviana Elba Caro Hinojosa, the Minister of Planning and Development of Bolivia on March 29.

○ This agreement, specifying the bilateral government Framework Arrangement concluded in August 2010, encompasses support for two new bridge construction projects* proposed by President Juan Evo Morales Ayma of Bolivia upon his last visit to Korea.

* Beni River and Madre de Dios River Bridge Construction Projects

□ In order to resolve logistical and transportation issues, landlocked Bolivia has decided to connect two ports as a top national priority. The first port is located in the Atlantic coast of Brazil while the second is located in the Pacific Coast of Chile. Through completion of the project, Bolivia hopes to establish a stronger foundation for economic development and resource development.

□ Korea Eximbank demonstrated its confidence in Korea's bridge construction technologies by providing USD 64 million through EDCF for the construction of the two bridges in Bolivia. The Bank plans to expand the scope of support, especially in infrastructure projects which greatly assist the entry of Korean companies in resource development as well as Bolivia’s economic development.

○ Moreover, Korea Eximbank plans to dispatch an EDCF Country Resident Mission to Bolivia in April to more effectively support large-scale infrastructure projects.

□ An official from Korea Eximbank stated that this agreement will expand Korea’s economic cooperation with Bolivia, a country rich in natural resources such as lithium and tungsten. As such, the agreement will help domestic companies enter South American markets, including that of Bolivia and serve as a great opportunity to support Korea’s resource diplomacy in the region.

□ Furthermore, Chairman Yong Hwan Kim met with Luis Alberto Moreno, president of Inter-American Development Bank, and discussed strategies to enhance cooperation between the two institutions.

○ The two heads discussed issues such as preparation for the Korea-LAC Business Summit in Seoul, to be co-hosted by Korea Eximbank and IDB in October. They also discussed expansion of co-financing for export credits and EDCF, the exchange of employees between the two institutions, and strategies to enhance performance of the USD 2 billion Co-Financing Agreement between Korea Eximbank and IDB.