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Forfaiting is a trade finance facility whereby Korea Eximbank purchases from exporters, on a non-recourse basis, letters of credit issued by, or export bills guaranteed by, foreign banks on behalf of buyers. Lack of recourse means the Bank cannot hold the exporter liable even if the foreign bank fails to honor its letter of credit or guarantee; it thus frees the exporter from the risk of buyer default and lightens the liability side of its balance sheet.