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Korea Exim News

Korea Eximbank to Provide Support for Anti-COVID-19 Measures in Five Central American Countries in EDCF Loan

Date 2021.05.27 View 11566
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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang, Moon-Kyu, "Korea Eximbank") announced on May 27 that it has signed a loan agreement with the Central American Bank for Economic Integration* (CABEI) to provide a total of $50 million in the Economic Development Cooperation Fund (EDCF)* loan to support the COVID-19 response of five Central American countries*, including Honduras.

* Central American Bank for Economic Integration (CABEI): Established in 1960 to support public and private investment contributing to balanced development and economic integration in Central America, the bank was joined by 15 members, including eight countries in the region, including Guatemala, Honduras and El Salvador, and seven other countries.

* Economic Development Cooperation Fund (EDCF): It is a form of Korean official development aid established by the Korean government in 1987. Korea Eximbank is responsible for the operation and management of the fund entrusted by the Ministry of Strategy and Finance. It provides long-term low-interest loans to support industrial development and economic stability in developing countries and promote economic exchanges between developing countries and Korea. (As of the end of 2020, a total of KRW 20.558 trillion (based on commitments) was provided for 460 projects in 57 countries.)

* Five Central American countries: Guatemala, Honduras, El Salvador, Costa Rica, the Dominican Republic

 

 

□ Korea Eximbank Chairman Bang Moon-kyu and CABEI Executive President Dante Mossi virtually signed the loan agreement at the headquarters of Korea Eximbank in Seoul and in Washington, the U.S., respectively.

 

 

□ Under the agreement, CABEI will finance purchases of medical devices and equipment and reinforce health infrastructure in the five Central American countries, including Guatemala, Honduras, El Salvador, Costa Rica and the Dominican Republic, with the funding from Korea Eximbank.

 

ㅇ At present, Korea Eximbank is actively consulting with CABEI to improve clinical facilities in 11 hospitals and provide medical equipment and materials to new hospitals in Guatemala in a timely manner.

 

 

□ Chairman Bang remarked at the online signing ceremony, "This is the first time that we are directly providing EDCF loans to an international development finance organization." He added, "We expect that the credit support will contribute to curbing the spread of COVID-19 in the region as we will be extending financing to the five countries all at the same time in a swift manner."

 

 

□ Korea Eximbank is taking proactive approaches to improving the health and medical environment in developing countries, including supporting the construction of hospitals and the supply of medical equipment and materials through EDCF support.

 

ㅇ Amid surging demand for financial support from developing countries due to the worldwide impact of the pandemic, the Korean government announced in January that it would expand EDCF support in the health sector from $400 million in 2020 to $600 million in 2021 and $1 billion in 2025. This is also expected to help Korean biotechnology companies expand their footholds I overseas markets.