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Korea Exim News

Korea Eximbank Provides All-out Support for Korean Companies to Win Projects in the Middle East

Date 2023.03.24 View 8228
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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank") is set to provide multi-pronged support for Korean companies’ winning of projects in the Middle East. 

 

 

□ Korea Eximbank Chairman Yoon Hee-sung met with Riyad Bank President Tareq Al Sadhan at Riyadh Fairmont Hotel in Saudi Arabia, and agreed to provide financial support for the Jafurah Cogeneration Project in Saudi Arabia. 

 

ㅇ In the presence of the heads of the two banks, Korea Eximbank’s Director General of the Power and Energy Finance Department Shim Jae-sun and Riyadh Bank Vice President Mohamed Abo Al-Naja signed a project financing agreement of $270 million and $165 million, respectively, on January 18 (local time). 

 

 

□ The Jafurah Cogeneration Project is designed to supply power and steam to Jafurah gas field, which is one of the strategic projects that the Saudi government is developing to reduce its dependence on crude oil. 

 

ㅇ Korean companies will be playing key roles across the project, with KEPCO participating in equity investment and operation and Doosan Enerbility Co., Ltd. taking charge of construction work.

 

ㅇ For this project, Korea Eximbank actively supported Korean companies, from the very early bidding stage, to help them win contracts awarded by Saudi Aramco, by issuing Letters of Intent for its financial support.

 

 

□ On the same day, Korea Eximbank signed an MOU with the Export-Import Bank of Saudi Arabia (Saudi EXIM). They agreed to identify and support overseas projects in clean energy and infrastructure sectors and cooperate for expanding the exports of both countries.

 

 ㅇ Korea Eximbank Chairman Yoon met with Saudi EXIM CEO Saad Alkhalb at the headquarters of Saudi EXIM in Riyadh, Saudi Arabia, and signed the MOU.

 

 

□ When Crown Prince Mohammed bin Salman visited Korea in December last year, Saudi Arabia bolstered cooperation with Korea signing more than 20 MOUs with Korean companies in various fields including petrochemical, clean energy, and cogeneration.

 

 ㅇ Among them, the MOU between the two countries‘ key ECAs, Korea Eximbank and Saudi EXIM is expected to further solidify economic cooperation between the two countries and expand opportunities for Korean companies‘ participation in projects in Saudi Arabia.

 

 

□ Korea Eximbank Chairman Yoon said, "Saudi Arabia is one of the most important export destination countries for Korea, with continuous demands for large-scale projects in infrastructure, eco-friendly energy, and the like. Korea Eximbank will continue to enhance Korean companies’ export competitiveness through providing customized financial support."

 

 

□ On January 15, Chairman Yoon signed another MOU for financial cooperation with TAQA* President Jasim Husain Thabet in the presence of Korean President Yoon Suk Yeol and UAE President Mohammed Zayed Al Nahyan during the Korea-UAE summit in Abu Dhabi, the UAE. 

 

   * Established in 2005, TAQA is a state-owned energy company, which was listed on the stock market in accordance with the UAE’s privatization policy of power and water resources sectors. 

 

 ㅇ The MOU included Korea Eximbank’s provision of finance for TAQA’s projects awarded to Korean companies or  projects for TAQA and Korean companies’ joint entry into promising markets in third countries.

 

 

□ In accordance with the MOU, Korea Eximbank will be providing customized financial support for Korean companies in various financing methods, including export financing and investment facility, involving TAQA as their partner.

 

 

□ Meanwhile, Chairman Yoon visited the Baraka Nuclear Power Plant* and celebrated the commencement of operations of unit 3 on January 16.

 

* Korea Eximbank has provided a total of $2.5 billion finance support since 2016.