The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Kim Yong-hwan, “Korea Eximbank”) continued its effort to expand its network in Europe to help Korean companies seize more project opportunities overseas.

Korea Eximbank announced on November 7 that the bank’s Chairman Kim Yong-hwan met with European Bank for Reconstruction and Development (EBRD) Vice President Betsy Nelson and signed a Memorandum of Understanding (MOU) on increasing cooperation regarding co-financing of projects in emerging markets.

EBRD is an international development bank which specializes in financial support for development in Eastern Europe, the CIS countries, Central Asia, and North Africa.

Chairman Kim, who visited the United Kingdom following France as a member of President Park Geun-hye’s economic mission, remarked after the signing ceremony, “Korea Eximbank and EBRD consider each other to be ideal partners for financing landmark projects in emerging markets. The USD 1 billion co-financing target agreed between the two agencies will be very helpful for Korean companies entering emerging markets in Eastern Europe, Central Asia, and North Africa.”

Chairman Kim and EBRD President Suma Chakrabarti had already met at Korea Eximbank’s headquarters in August to discuss measures to increase cooperation between the two institutions.

As the reciprocal visits by the heads the two institutions demonstrate, cooperation between Korea Eximbank and EBRD has moved up one level, as evidenced by their co-financing of Turkey’s Combined Cycle Gas and Steam Turbine Power Plant Project (deal size: USD 1.2 billion) and Eurasia Tunnel Project (deal size: USD 1 billion) last year.

The two institutions are also discussing ways to co-finance projects in Turkey and Mongolia (total deal size: USD 2.3 billion).

Earlier on November 5, Chairman Kim and UK Export Finance (UKEF) Chief Executive David Godfrey signed an MOU to co-finance third-country projects involving both Korean and UK companies with a total amount of USD 1 billion for the next three years.

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