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Korea Eximbank Establishes Financial Channel to Provide $11 billion in Loans to the Middle East

Date 2022.01.20 View 11376
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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang Moon-kyu, “Korea Eximbank”) said it has signed Framework Agreements (“F/As”) worth a total of $11 billion with two leading Middle Eastern state-run energy companies to help Korean companies win more overseas contracts and participate in hydrogen projects.

 

○ The F/As set out financial terms and conditions including loan amount as well as loan request procedure up front for the contract awarding parties. They aim to swiftly provide finance when transactions covered by the F/As occur, such as when an order is placed with Korean companies.

 

 

□ On January 18 (local time), Chairman Bang Moon-kyu signed a $6 billion F/A with Saudi Arabia's state-run oil company (Aramco) CFO at the Korea-Saudi Smart Innovation Growth Forum in the presence of President Moon Jae-in.

 

○ Chairman Bang also met with the Public Investment Fund (IPF) President and Saudi Arabia's state-run oil company chairman Yasir Al-Rumayyan at the headquarters of the PIF to discuss ways to cooperate for investment in Saudi‘s new infrastructure, including the Neom smart city construction and renewable energy.

 

 

□ Earlier on the 16th (local time), Chairman Bang Moon-kyu signed a $5 billion F/A with Sultan Al Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), observed by President Moon Jae-in and UAE Prime Minister & Dubai monarch Mohamed Al Maktoum.

 

 

□ The deals Korea Eximbank signed with the two large state-run energy companies in the Middle East are as part of its "up-front financial commitment" strategy.

 

○ Under the agreements, Korea Eximbank will provide a total of $11 billion in loans to state-run oil companies in Saudi Arabia and the UAE, the world's largest construction markets, in the future.

 

 

□ After signing the deals, Chairman Bang said, "With the framework agreements, Korean companies are expected to have much higher chances of winning large-scale energy projects in the Middle East," adding, "As the deals include preferences for hydrogen and renewable energy projects, we expect new opportunities in these fields as well.“

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