ㅇ Interbank Credit Facility is a financial arrangement whereby Korea Eximbank extends a credit line to a foreign bank in major export and investment target countries, from which the latter draws funds to lend to local companies transacting with Korean companies.
□ Since Jordan is considered as a logistics hub in the Middle East, Korea Eximbank established a credit line with HBTF, a leading commercial bank in Jordan. It is the first interbank credit facility that the Bank established in the region aiming to help Korean companies increase market share in their major export items such as automobiles and home appliances and win reconstruction projects in Iraq.
□ Korea Eximbank Chairman Bang said, "It was inevitable to establish a credit line in Jordan in due time as it is a financial and logistics gateway in the Middle East, and we need to support Korean companies to overcome sluggish exports to the region and win infrastructure reconstruction projects in Iraq in the future."
□ Officials from Korean companies operating in the region, including Hyundai Motor, Samsung Electronics, and LG Chem also attended the signing ceremony and expressed high expectations for the use of the finance to expand exports in the region.
□ Right upon the signing of the agreement, Chairman Bang met with Prime Minister Bisher Hani Al-Khasawneh and Energy and Resources Minister Hala Adel Zawati and highlighted Korean companies' strong competitiveness in renewable energy projects, which are also ambitously driven by the Jordanian government, and expressed the Bank‘s strong intention to provide financial support.
ㅇSince Jordan is one of the non-oil producing countries in the Middle East, it plans to increase the share of renewables in its energy mix to 31 percent by 2030 to ensure energy security.
* Ministry of Energy and Mineral Resources, 『Comprehensive Strategy for Jordan’s Energy Sector 2020-2030 (Jul. 2020)』
