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Press Release

Korea Eximbank Signs MOU with ECI of UAE to Cooperate in Decarbonization and Eco-friendly Infrastructure

Date 2023.12.10 View 560

□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank") announced on December 10 that it signed a Memorandum of Understanding (MOU) titled ‘MOU to Cooperate in Decarbonization and Eco-friendly Infrastructure’ with Etihad Credit Insurance* (”ECI“), a state-run financial agency of the UAE.

 * ECI : Established in 2018, it is the UAE government’s wholly-owned export credit agency with a mission to support UAE companies’ export of goods and services and foreign investments. 

 

ㅇKorea Eximbank Chairman Yoon Hee-sung met with ECI CEO Raja Al Mazrouei and signed the MOU on December 8 in Dubai, the UAE, where the 2023 United Nations Climate Change Conference (COP28) was being held.

 

ㅇThe key provisions of the MOU include joint support for △Decarbonized Energy sources (nuclear, hydrogen, and renewable energy sources), △Biotechology, Defense and Aerospace sectors, and △projects in the UAE and 3rd countries.

 

□ Through this MOU, the bank will be able to extend financial support with competitive conditions. It will provide financing for Korean companies awarded projects in energy sectors, such as nuclear and hydrogen, and in infrastructure and defense sectors or for domestic entities entering third countries with UAE companies.

 

□ Following the MOU signing, Chairman Yoon remarked, “On the occasion of COP28, our bank laid a cooperative foundation with the UAE’s leading policy-based financial institution promoting the growth of non-petroleum areas.” He added, “We will make an effort in preparing financing with preferential conditions, utilizing the bank’s network to support Korean companies to win eco-friendly projects in the future.” 

 

□ Earlier on December 7, Korea Eximbank signed an MOU titled ‘MOU to Co-finance Electronic Vehicles Supply Chain and De carbonization Energy Projects’ with the Export-Import Bank of the United States in Dubai, the UAE.

ㅇ Through the MOU, the two institutions are committed to co-financing the establishment of battery factories or renewable energy projects in the U.S. implemented by Korean companies.

 

 

□ Meanwhile, Chairman Yoon demonstrated the bank’s commitment to climate finance by participating in the ‘Net Zero Nuclear Summit’ as a panelist during COP28.