The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, "Korea Eximbank") announced on May 28(local time) that the bank opened a new representative office in Accra, the capital of Ghana.

The opening ceremony of the Accra representative office was attended by some 100 officials of two countries including Korea Eximbank Executive Director Yim Seong-hyeog, a former Korean Ambassador to Ghana Yeo Wun-ki, JICA Ghana Office Head Koji Makino, GRIDCO Representative William Amuna, the Ghanaian Ministry of Finance Vice-Minister Cassiel Ato Forson, Ghana Central Bank Vice President Millison k. Narh, and President Na Hwa-ryeon of Korean Community Association in Ghana.

Beginning its operation on the day, Accra office of Korea Eximbank will support Korean companies in their local businesses and activities to win projects in ways such as assisting the companies in their export·import activities and setting financial arrangements for their foreign investment in the West African region including Ghana.

Furthermore, the representative office will assume the concurrent role as a local office for West Africa to explore and support social·economic infrastructure development projects through EDCF.

* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges with the developing world and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit.

Ghana is the fourth largest EDCF beneficiary country for which USD 182 million has been supported to five EDCF projects. Its trade volume with Korea posted USD 390 million in 2013. The figure has been on a rising trend since the establishment of diplomatic relationship in 1977 between the two countries.

Moreover, since demands of key infrastructure projects for sectors such as transportation and energy are high in Ghana as evidenced in the facts that Ghana Infrastructure Investment Fund(GIIF) and related laws and regulations have been enacted, this will give an added boost to the entry of Korean firms in the Ghana's project market.

At the opening ceremony, Executive Director Yim Seong-hyeog remarked, "Ghana is a strategic location serving as the gateway to the African continent from the Atlantic ocean and is a country showing dynamic growth in Africa."

He added, "As the Accra office is now open, the bank will actively support public-private infrastructure projects carried out by the Ghanaian government by using various finance support means and global network that Korea Eximbank has."