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Korea Exim News

Korea Eximbank Signs a $200 million Interbank Credit Facility Agreement with the Central and South American Development Bank (CAF)

Date 2020.11.12 View 8817

The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman BANG, Moon-kyu, “Korea Eximbank”) announced on October 27 that it has signed a $200 million Interbank Credit Facility Agreement with the Central and South American Development Bank (“CAF”) to support the financial needs of Korean companies amid increasing trade between Korea and Central and South America.

 

Korea Eximbank Chairman Bang Moon-kyu and CAF President Luis Carranza virtually signed the agreement at their headquarters in Yeouido, Seoul and Lima, Peru, respectively.

 

The Interbank Credit Facility is a financial instrument in which Korea Eximbank lends funds to a local bank overseas, which in turn provides loans to local companies that import goods and services from Korea.

 

Korea Eximbank can use overseas local banks as its branches to promote Korean companies' exports and local business activities.

 

"Central and South America has huge growth potential with more than 600 million residents, abundant mineral resources and young population," Chairman Bang Moon-kyu said at the signing ceremony.

 

“As Korea Eximbank has expanded its financial bridgehead to expand its presence in Central and South America, it is expected that Korean companies' export competitiveness in such areas as infrastructure, automobiles and health care will be enhanced in the future,” he added.

 

For his part, CAF President Luis Carranza remarked, "We will fully utilize Korea Eximbank's loans to improve infrastructure in Central and South America and competitiveness of our member countries."

 

In 2019, Korea's exports to Central and South America amounted to $26.3 billion while its investment in the region stood at $10.2 billion. Korea's trade and investment in Central and South America has been on a steadily increasing trend recently.

 

Following the implementation of the Korea-Central and South America FTA in October last year, the Korean government is seeking to strengthen cooperation with multiple trade blocs in the region, including signing the Korea-Mercosur trade agreement, and seeking entry to the Pacific Alliance as a quasi-member.

 

"With this agreement with CAF which has a total of 19 member countries, we will be able to meet the growing demand of Korean companies for their entry into the Central and South American markets," a Korea Eximbank official said.