The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Eun Sung-soo, “Korea Eximbank”) announced on March 26 that it signed a Cooperation Agreement for establishing “National Export Finance Program” at the Abu Dhabi Fund for Development (“ADFD”) and a Memorandum of Understanding for facilitating co-financing with ADFD (“MOU”).

Korea Eximbank Chairman Eun Sung-soo met with ADFD director general Mohammed Saif Al Suwaidi and signed the agreement and the MOU at the headquarters of ADFD in Abu Dhabi, the UAE.

The UAE government is pushing ahead to build a sustainable and diversified economy and reduce dependency on the oil-based industry through “the UAE Vision 2021” and “the Abu Dhabi Economic Vision 2030.”

The cooperation agreement aims to support the establishment of ADFD’s export finance program by developing operational mechanism and providing education and training to ADFD staff to help the institution build capacity to boost the UAE’s exports in international markets.

In the meantime, the MOU sets out details of co-financing between the two institutions and regularized consultation meetings for the exchange of development experiences and knowledge between them.

With the conclusion of the agreement and the MOU, Korea Eximbank and ADFD are expected to deepen their strategic financial partnership through a wide range of activities including information sharing, joint exploration of potential projects, financial cooperation, etc.