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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, "Korea Eximbank") announced on August 24 that it held an opening ceremony for its Singapore subsidiarycorporate entity, KEXIM Global(Singapore) Ltd. and officially launched its business on August 23(local time).
ㅇ The Singaporean subsidiary is expected to act as Korea Eximbank’s strategic foothold to provide policy finance support across the Middle East and Asia-Pacific, establishing a close network with major local clients, investment banks, and international financial institutions to actively support Korean companies' overseas business, investment, and project development.
□ The ceremony was attended by Choi Hoon, Korean Ambassador to Singapore, and a number of dignitaries from major investment banks (JP Morgan, DBS, Deutsche Bank), international financial institutions (IFC, KfW), and investment funds, showing a high interest in the bank’s launch of operation in Singapore.
ㅇ Chairman Yoon said in his congratulatory speech, “For the past 46 years, Korea Eximbank has supported Korea’s export-oriented economic development. We expect KEXIM Global Singapore will serve as an innovation center to take the bank’s role as a policy finance provider to a next level.”
ㅇ He added, “We expect to provide flexible and creative financial solutions in line with the rapidly changing market, spearheading the efforts of Korean companies to win more overseas projects and export deals amid the current economic crisis.“
□ Shortly after the opening ceremony, KEXIM Global Singapore signed an investment agreement with the International Finance Corporation(IFC)*, a member of the World Bank Group, announcing the start of full-fledged operation.
* International Finance Corporation (IFC) : An international financial organization based in Washington, the United States, that provides loans and investments to private sectors in developing and underdeveloped countries. In 2021, a total of US$11.4 billion was provided to developing countries (a total of US$20.7 billion in commitment)
ㅇ If the investment is realized after is initiated through the process of an investment review process is completed at the entity, it will be the first case of the bank investing in an offshore fund through an overseas local subsidiary.
ㅇ Also, KEXIM Global (Singapore) Ltd. is expected to establish a deal sourcing network that can periodically share key investment business information with international organizations and advanced development financial institutions* participating as joint investors.
* Development Finance Institution(DFI) : A public financial institution that provides loans, equity investments, and financial advisory services to the private sector to support sustainable growth in developing countries
ㅇ IFC Vice President Ruth Horowitz said, "We welcome the signing of an investment agreement with Korean Eximbank, Korea's representative ECA that is actively cooperating with international financial organizations and DFIs.“ She continued, “We expect Korea Eximbank and IFC to cooperate closely in supporting sustainable growth including climate change response in the future.“