The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, 'Korea Eximbank') announced on November 17 that it will provide a USD 183 million EDCF* loan to fund the 'Korea-Myanmar Friendship (Dala) Bridge Project' and 'Railways Modernization Project' in Myanmar.

 The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to assist developing countries in achieving industrialization and economic stability, and to promote economic exchanges between Korea and those countries through the provision of long-term, low-interest credit. Korea Eximbank currently manages the fund as its trustee.

 Korea Eximbank Chairman Lee Duk-Hoon met with Deputy Minister of Construction U Win Myint and Deputy Minister of Rail Transportation U Myint Thein, and signed the loan agreement in Naypyidaw, Myanmar.

 The 'Korea-Myanmar Friendship (Dala) Bridge Project' is aimed at vitalizing the local economy and reducing the costs of the distribution industry by connecting Dala located on the southern bank of the Yangon river to the downtown of Yangon city. Furthermore, the project is expected to promote the mutual relationship between Korea and Myanmar as the name, 'Korea-Myanmar Friendship (Dala) Bridge Project' suggests.

 The objectives of the 'Railways Modernization Project', meanwhile, are replacing outdated passenger cars and supplying equipment and materials to railroad vehicle maintenance centers so as to modernize Myanmar's railway system by improving the stability of railroad transportation and the railway environment.

 Korea Eximbank Chairman Lee remarked at the signing ceremony, "The EDCF loan agreement covering the two projects that we conclude this time would strengthen the friendly relations and economic cooperation between Myanmar and Korea." He added, "Korea Eximbank will actively support social and economic infrastructure projects in Myanmar to contribute to its national development."

 On the same day, Chairman Lee met Myanmar President U Thein Sein to exchange views on promoting bilateral exchanges between the two countries in the private sector.

 Korea Eximbank has so far extended a total of $423 million in EDCF loans to 10 projects in Myanmar, and 580 billion won in export financing to Korean companies advancing into the country. various relevant topics with international organizations and EPC companies.