The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yong Hwan Kim, “Korea Eximbank”) announced on January 4 that it was named the ‘Global Multilateral of the Year’ by Project Finance International (PFI), a world-renowned publication specializing in PF.

The title has been awarded every year since 2008, to the best-performing export credit agency (ECA) or international organization in the global project financing (PF) market. This year’s award went jointly to Korea Eximbank and Korea Trade Insurance Corporation.

This makes Korea Eximbank the second ECA to win the ‘Global Multilateral of the Year’ award after the Japan Bank for International Cooperation (JBIC), testifying to the active role of Korean ECAs in financing large-scale projects throughout the world.

List of previous winners: Inter-American Development Bank (IDB, 2008), European Investment Bank (EIB, 2009), International Finance Corporation (IFC, 2010), Japan Bank for International Cooperation (JBIC, 2011)

According to PFI, Korean ECAs provided more than USD 60 billion in PF loans for large-scale overseas projects last year.

PFI was especially impressed by the role of Korean ECAs in boosting the advantage of Korean contractors by greatly increasing the level of PF support at a time when ECAs and international financial institutions in the developed world saw their lending capacities reduced due to the European fiscal crisis and the credit squeeze.

“Korea Eximbank gained advantage in the global PF market by competitively raising USD 11 billion in foreign currency in global financial markets,” wrote PFI, adding that “The Korean ECA is no longer just a participant in the PF market. It has now established itself as a true leader in the global PF market by directly structuring complicated projects, giving advice and providing a large amount of financing.”

Four projects supported by Korea Eximbank were also named “Deal of the Year.”

This prize is a recognition of excellence in terms of project size, financing scale, project significance, and project financing technique.

Of the eight projects supported by Korea Eximbank in 2012, the Australia Itchys LNG Project, Uzbekistan Surgil Gas Field Project, Egypt ERC Fuel Project, Turkey Eurasia Tunnel Project clinched ‘Deal of the Year’ titles.

Korean Eximbank has provided project financing for eight projects with a combined loan amount of USD 4,920 million

Korea Eximbank achieved leadership in the global PF market by supporting a total of 46 projects with USD 17.5 billion in PF loans, starting with the Iliyan Power Plant Project in the Philippines in 2000.

A Korea Eximbank official remarked, “This award represents a significant milestone for us, coming just a year after we have established the vision 2020 with the goal of becoming a ‘global financial partner connecting Korea to the world.’ We will continue to support Korean companies to win overseas contracts by providing a total financial solution comprising not only large-scale financing, but also sophisticated financial advisory and arrangement services."