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Press Release

Korea Eximbank Signs L/C Confirmation Agreement and EDCF Loan Agreement with Cambodia to Boost Economic Cooperation between Korea and Cambodia

Date 2019.03.15 View 17447

The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman EUN, Sung-soo, “Korea Eximbank”) served to strengthen economic cooperation between Korea and Cambodia by signing an L/C Confirmation Agreement and an Economic Development Cooperation Fund (EDCF) Loan Agreement with Cambodia, a priority partner country for Korea’s New Southern Policy.

 

On March 14, Korea Eximbank signed a partnership agreement to provide Letter of Credit (L/C) Confirmation Facility worth of USD 10 million with ABA Bank of Cambodia.

 

L/C Confirmation is a guarantee of payment covered by Korea Eximbank provided to exporters to confirm all terms and conditions of an L/C issued by local banks of importing countries. Exporters can request the confirming bank purchase the shipping documents before the expiry date on the L/C to collect the payment at early date.

 

Korea Eximbank Chairman Sung-soo Eun met with ABA Bank President Askat Azikhanov at the bank's headquarters in Phnom Penh and signed the financial agreement, making it the first time for Korea Eximbank to provide financial support to a Cambodian financial institution.

 

This agreement is expected to boost the trade volume between the two countries by reducing non-payment risk for Korean exporters. In addition, it is anticipated to contribute to the government's recently announced policy to boost export vitality, now with this financial partnership increasing Korean exporters’ access to a more broad range of financial services.

 

Meanwhile, as part of the government’s New Southern Policy, Korea Eximbank signed a loan agreement to provide a USD 127 million EDCF loan, allocating USD 67 million and USD 60 million to the “National Medical School Project" and "The Third Phase of the Local Road Improvement Project" in Cambodia, respectively.

 

Shortly after the Korea-Cambodia summit on March 15 (local time), in the presence of President Moon Jae-In of Korea and Prime Minister Hun Sen of Cambodia, Korea Eximbank Chiarman Sung-soo Eun and Cambodian Minister of Economy and Finance Aun Pommoniroth signed the agreement for providing an EDCF loan for the projects in the Peace Palace in Phnom Penh.