On November 10, Korea Eximbank (www.koreaexim.go.kr, Chairman Yong Hwan Kim) signed an MOU with ING Bank N.V. in Seoul, Korea.

The MOU was signed by Mr. Dong-soo Park, Deputy President of Korea Eximbank and Mr. William L. Connelly, CEO of Commercial Banking & Management Board Banking, ING Bank N.V.

The MOU is expected to facilitate cooperation and coordination between ING Bank and Korea Eximbank in providing co-financing for project finance (PF) transactions. Under the MOU, the two institutions will also have greater opportunities to participate in such transactions as co-arrangers, co-advisors, and coordinators.

Deputy President Park stated, "The signing of the MOU today is particularly meaningful as recent financial turmoil has increased the need for cooperation and coordination among financial institutions. I hope our two institutions will continue to explore new horizons for cooperation in various areas and further strengthen the relationship in the years to come."

The two institutions have extensively co-financed many PF deals including the Vietnam Mong Duong 2 Thermal Power Plant Project and the Singapore Jurong Aromatics Corporation Project.