The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, "Korea Eximbank") announced on April 5 that the Bank signed a Cooperation Agreement ("Agreement") with Comisión Federal de Electricidad ("CFE") on April 4 (local time).

Korea Eximbank Chairman Lee Duk-Hoon met with CFE Chief Executive Officer Enrique Ochoa Reza and signed the Agreement at the National Palace in Mexico, in which the two parties agreed on Korea Eximbank's participation in CFE financings up to the amount of USD 1 billion until 2018 and exchanging information on projects tendered by CFE.

The Agreement was signed in the presence of President Park Geun-hye, who was on her state visit to Mexico, and her counterpart President Peña Nieto of Mexico.

CFE is the largest electricity provider in the Latin America and the Caribbean region (LAC), solely owned by the Mexican government.

It is expected that the Agreement will facilitate Korean companies' entry into the Mexican power infrastructure market.

On the same day, Chairman Lee also signed a USD 200 million Interbank Credit Facility Agreement with Banco Nacional de Comercio Exterior, S.N.C. ("Bancomext") CEO Alejandro Diaz de Leon, consecutively after signing the Cooperation Agreement.

Bancomext, established in 1937, is the Development Bank of Mexico in charge of financing international trade.

The Interbank Credit Facility Program is a finance package offered by Korea Eximbank with a competitive rate to foreign banks in the form of credit line that can be utilized for loans to local companies which trade with Korean companies or to Korean subsidiaries.

With the two agreements signed on the day, Korea Eximbank has so far concluded financial cooperation deals worth USD 3.2 billion with major entities in Mexico, of which a USD 2 billion Framework Cooperation Agreement had been signed with Mexico’s state oil producer, Petroleos Mexicanos, in October 2013.

Chairman Lee remarked, "Korea Eximbank has established a USD 3.2 billion Financial Platform with major organizations in Mexico covering various industries such as manufacturing, power, oil & gas, infrastructure, etc." He added, "We will further endeavor to develop pipeline projects and increase Korean companies' business opportunities in Mexico."