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Press Release

Korea Eximbank Signs MOU with JBIC to Promote Financial Cooperation in Infrastructure Projects

Date 2023.06.30 View 5369

□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank") and the Japan Bank for International Cooperation (”JBIC“)* are set to strengthen bilateral financial cooperation in infrastructural projects in third countries involving the participation of Korean and Japanese companies.

* JBIC (the Japan Bank of International Cooperation): It is an Export Credit Agency supervised by the Ministry of Finance of Japan established in 1950. Its missions are to provide loans·guarantees·investment financing to strengthen Japan’s export competitiveness and develop projects overseas.

 

□  Korea Eximbank Chairman Yoon Hee-sung met with JBIC governor Nobumitsu Hayashi and signed an MOU titled ‘MOU for Korea Eximbank-JBIC Financial Cooperation’ at the Ministry of Finance in Japan on June 29.

 ㅇ The MOU signing ceremony was also attended by Deputy Prime Minister and Minister of Economy and Finance of Korea Choo Kyung-ho and Japanese Finance Minister Suzuki Shunichi. It is one of the significant achievements of the “8th Japan-Korea Finance Ministerial Dialogue,“ which was held for the first time in seven years since 2016 after the resumption of economic exchanges between the two countries.

  

 

□ The key provisions of the MOU include: ▲ Development of third country infrastructure projects, including the Indo-Pacific region ▲ Diversification of supply chains and enhancement of their resilience ▲ Achievement of global carbon neutrality goals ▲ Expansion of financial cooperation through the establishment of a collaborative support system between the two banks including joint post-management.

 

□ Korea Eximbank and JBIC, as the official representative ECAs of both countries, have maintained a longstanding cooperative relationship since 2000, providing over US$ 40 billion co-financing loans to support their respective companies expanding overseas.

 

 ㅇ Upon signing the MOU, the two institutions are expected to strengthen strategic partnerships in priority cooperation areas selected considering both policy and economic aspects. This move will contribute to the expansion of mutual interests between the two countries.

 

□ After signing the MOU, Korea Eximbank Chairman Yoon Hee-sung remarked, “In the face of challenges and changes such as the delayed economic recovery, global supply chain disruption and climate crisis, the resumption of economic exchanges between our two countries will lay the foundation for a future-oriented relationship.”

 ㅇ He added, “In alignment with our government’s efforts, we will expand financial cooperation with JBIC, taking the lead in promoting the overseas expansion of Korean and Japanese companies and vitalizing economic cooperation.”