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The Export and Import Bank of Korea(www.koreaexim.go.kr, Chairman BANG, Moon kyu, “Korea Eximbank”) and International Finance Corp.(CEO Philippe Le Houérou, “IFC”) have signed a new memorandum of understanding(MOU) to expand their collaboration in developing and financing projects in developing countries and financing projects in developing countries and to link Korean firms with more opportunities overseas on September 25.
Korea Eximbank Chairman Bang Moon-kyu and IFC CEO Philippe Le Houérou signed the MOU virtually from Seoul and Washington, D.C., respectively.
The IFC is a member of the World Bank Group and is the largest global development institution focused on the private sector in emerging markets.
The focus areas of the MOU are: jointly identifying and financing projects in emerging markets, including those in Southeast and Central Asia in line with Korea’s New Southern and New Northern Policies; developing projects to expand mutual opportunities to enter the emerging markets; and strengthening cooperation through exchange of human resources and dispatching experts.
As part of this MOU, the two financial institutions will strengthen mutual cooperation in "projects with high development effects in sectors including smart cities and health care where Korean companies can participate, in all stages from project development to financing.
Upon signing the agreement, Chairman Bang said, “Korea Eximbank will expand joint projects with IFC to help overcome the global COVID-19 crisis and step up efforts to support the Korean version of New Deal plan and non-contact business sectors in preparation for the post COVID-19 era.”
IFC CEO Houerou said at the ceremony, “IFC is providing $8 billion in fast-track financial support to our clients and launched $4 billion Global Health Platform to help sustain economies and preserve jobs during this global crisis.”
He added, “This MOU will enable Korea Eximbank and IFC to contribute to the sustainable recovery of developing countries post COVID-19.”
Korea Eximbank and IFC have jointly supported infrastructure projects, representing $11.2 billion in investments in developing countries since 2008.
Also, the two institutions are discussing co-financing the Nepali hydropower plant project amounting to $300 million, built and operated by a Korean company. And, they are reviewing a water purification plant project in Indonesia.
To strengthen networking and exchange project information, they will have working-level and high-level meetings regularly.
“This MOU will also serve as an underlying foundation to expand the market for Korean goods and services in the mid to long term, while helping grow the economic size of developing countries,” said a Korea Eximbank official.