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Korea Exim News

Korea Eximbank and Afreximbank Sign Agreement for Credit Line up to USD 200 Million

Date 2018.05.24 View 13000

The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman EUN, Sung-soo, “Korea Eximbank”) announced on May 23 that it signed an Interbank Credit Facility Agreement amounting to USD 200 million with African Export-Import Bank (“Afreximbank”).

 

Interbank Credit is a financing technique in which Korea Eximbank and a foreign local bank sign an agreement to establish a credit line in order to enable the local bank to provide financing, which was received from Korea Eximbank at favorable terms and conditions, to its local companies which have business relationships with Korean companies.

 

Korea Eximbank Chairman Sung-soo Eun met with Afreximbank Chairman Benedict Okey Oramah and signed the agreement on the sidelines of the Korea-Africa Economic Cooperation 2018 (“KOAFEC”) held at BEXCO in Busan.

 

Previously, Korea Eximbank had established a credit line with Nigerian Zenith Bank amounting to USD 100 million, which was the only credit line the Bank had in Africa. In this context, this agreement with Afreximbank is expected to play a catalytic role in supporting Korean companies aspiring to pioneer new markets in Africa.

 

For reference, Afreximbank, a financial institution headquartered in Egypt, offers various types of loans and guarantees to promote trade of its member countries. Currently, it has 49 member countries with shareholders from 145 African government institutions and private investors.