Korea Eximbank (www.koreaexim.go.kr, Chairman Dongsoo Kim) announced on December 29 that a loan of USD 296 million will be provided to Hyundai Corp's "High Speed Electric Rail Cars Export to Ukraine" project.

This project is the first step of the Ukraine's USD 4 trillion mid- and long-term project for railway modernization which aims to introduce 1500 high speed rail cars over the next ten years. This project is expected to pave the way for Korean enterprises to win large-scale contracts as Korea has an early entry advantage.

Korea Eximbank has cooperated with Hyundai Corporation since the early stage of the project. A key factor in the success of winning the contract was Chairman Kim's confirmation of intent for active support of the project during his meeting with Ukraine's Vice Prime Minister Borys Kolesnikov on November 2.

Hyundai Corp, the exporter, and Hyundai Rotem, the manufacturer, won the contract in an aggressive competition with top-tier rail car manufacturers such as Bombardier (Canada) and Siemens (Germany).

An official from Korea Eximbank stated, "The Ukraine is a populous country of 46 million and has an abundance of natural resources. In addition, the country has great potential as it is strategically located between Europe and the CIS. This project will serve as a bridgehead into the Ukraine and neighboring countries for Korean enterprises as Korea Eximbank plans to provide active support for Korean enterprises making efforts to expand into the region."