□ On 18 August, Korea Eximbank (www.koreaexim.go.kr, Chairman Yong Hwan Kim) signed an MOU strengthening cooperation for overseas project financing with three domestic life insurance firms―Samsung Life, Korea Life, and Kyobo Life―at Chosun Hotel.

□ As the MOU would combine Korea Eximbank’s expertise in large-scale overseas project financing with investment demands of Korean life insurance companies, the agreement is anticipated to diversify financing for Korean companies seeking to win overseas project contracts by connecting orders.

○ Domestic life insurance companies seeking to make safe, long-term investments would become new investors in overseas projects, thus diversifying funding sources and reducing financing risks for Korean companies.

□ After signing the MOU, Chairman Kim stated, “At a time of increasing uncertainty in domestic and international financial markets, it is crucial that various institutions cooperate and exchange information to effectively support Korean companies in overseas projects.”

○ “Korea Eximbank will share financial expertise and knowledge with life insurance companies to develop customized financial products and will continue efforts to find new investors in order to strengthen our capacity for support of Korean companies in overseas projects.”

□ Having concluded the MOU, Korea Eximbank and the three life insurance companies will hold regular meetings for information exchange on overseas projects and if necessary, implement HR exchange programs.

□ As part of efforts to effectively support overseas projects which are increasingly growing in scale, Korea Eximbank is working to strengthen and expand support networks for overseas projects by collaborating with policy lenders and private financial institutions including KDB, domestic and foreign commercial banks, securities companies, and insurance firms.