Through the financial network newly established in the Central and South American region including such countries as Brazil, Korean companies can now find their way to expanding their economic territory.

Through the financial network newly established in the Central and South American region including such countries as Brazil, Korean companies can now find their way to expanding their economic territory.

With conclusion of the MOU, it is likely that Korean companies financed by Korea Eximbank would win more infra projects of Vale S.A., the world's largest iron ore company and leading player in mineral market.

In addition, during the President Park's visit to Central and South America, Korea Eximbank established 'Interbank Export Credit Network' with banks of three major countries in Central and South America, Brazil, Chile, and Peru to support Korean companies' advance into Central and South America.

On the same day, Korea Eximbank singed 'Interbank Export Credit Cooperation Agreement' with three large sized brazilian banks, one after another: for a USD 1 billion credit line with Brazil bank(Banco do Brasil), the largest state owned bank; for a USD 0.5 billion credit line with Itau Unibanco, the largest private commercial bank; and for a USD 0.5 billion credit line with Banco Santander Brazil, the largest foreign bank in Brasilia.

Interbank Export Credit is a financing technique in which after an agreement on credit line is signed between Korea Eximbank and a foreign local bank, the local bank provides financing, received from Korea Eximbank in favorable terms and conditions, to its local companies which have business relationship with Korean companies.

Chairman Lee remarked, "As the financial support by the Bank can cover the entire region of Central and South America now, we will provide the best financial support to Korean companies advancing into the market so that they can concentrate on their export activities."

Prior to this, Korea Eximbank singed a USD 2 billion Interbank Export Credit Line agreement with BCP(Banco de Gredito del Peru) in Lima, Peru on April 20(local time) and a USD 1 billion Interbank Export Credit Cooperation MOU with Banco Santander Chile in Santiago, Chile on April 22(local time).

Meanwhile, Korea Eximbank singed a MOU on April 24(local time) with BNDES for co-financing to companies of the two countries and exchange of information, etc.