The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, "Korea Eximbank") pushed ahead with establishing strategic partnership with China's major banks to facilitate increased of overseas infrastructure project opportunities for Korean firms.
 

Korea Eximbank announced on May 21 that the Bank signed a Memorandum of Understanding (MOU) for reinforced financial cooperation with ICBC(Industrial & Commercial Bank of China) and BOC(Bank of China) on May 20, in a raw.
 

Korea Eximbank Chairman Lee Duk-Hoon met with Industrial & Commercial Bank of China(ICBC) Chairman Jiang Jianqing at the ICBC's headquarters in Beijing and signed the MOU in which the two organizations agreed to exert joint efforts in co-financing infrastructure projects including project finance, ship finance, etc., to cooperate in capital market for internationalization of Yuan, and to provide joint financial supports to projects participated by companies of the two countries as part of One Belt One Road policy of China. Also, Chairman Lee singed a MOU with the Bank of China Chairman Tian Guoli at the BOC's headquarters in Beijing on the same day.

Chairman Lee remarked, "This agreement is the window to our cooperative financial channel in such ways as to strengthen our capacity of co-financing with major banks of China, share success stories of financial support, and etc.

 
With One Belt One Road policy of the Chinese government and launch of Asia Infra Investment Bank(AIIB) led by China, it is expected that the volume of orders arising from overseas infrastructure development projects will surge. For the very reason, the roles of major banks in China are forecasted to grow all the more. That is why Korea Eximbank singed the MOU with ICBC and BOC to build the strategic partnership, aiming to facilitate expansion of Korean companies into overseas infrastructure market.
 

Moreover, in may ways, China's One Belt One Road policy is in line with 'Eurasia Initiative' of the Korean government focusing on binding Eurasia as one economic community and establishing peace on the Korean Peninsula by inducing development of North Korea. At the heart of the Eurasia Initiative is the 'Silk Road Express' building the rail way running from Korea to Europe connecting Trans-Korean Railway(TKR), Trans-Siberian Railroad(TSR), and Trans-China Railway(TCR).
 

Meanwhile, Chairman Lee had meetings with Agricultural Bank of China Chairman Zhang Yun and China Eximbank Chairman Liu Liange on May 20 and May 21, respectively. In these meetings, Chairman Lee discussed plans for co-financing projects participated by companies of the two countries and joint cooperation for development of Northeast Asia. To support Northeast Asia development projects, Korea Eximbank has established 'Northeast Asia ECA consultative body' last year, which is a consultative group among Export Credit Agencies(ECA) comprised of Greater Tumen Initiative(GTI) member countries.