The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Kim Yong-hwan, “Korea Eximbank”) announced that the bank’s Chairman Kim Yong-hwan met with Laotian President Choummaly Sayasone on the afternoon of November 22 and discussed measures to promote Korean investment in Laos and to facilitate economic and financial cooperation between the two countries through EDCF* loans and other means.

* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges with developing countries and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit. Korea Eximbank currently manages the fund as its trustee. As of the end of October 2013, EDCF has supported 298 projects in 50 countries with KRW 9.4 trillion (commitment basis).

The meeting was arranged upon the President Choummaly’s request, who visited Korea for a three-day schedule from November 18.

Laos is the last country in Asia to open its doors to foreign companies, and is being hailed as the last Asian emerging market.

Korea Eximbank has provided a total of KRW 188.8 billion in EDCF loans to Laos as of the end of October 2013.

Chairman Kim said, “Laos is a newly globalizing country that has great potential for cooperation with Korea in many areas including politics, economy, and culture. Making this potential come true will require tailored financial cooperation, combining Korea Eximbank’s diverse financial tools including EDCF loans, export credits, and co-financing with MDBs.”