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Press Release

Korea Eximbank Signs MOU with US Department of Energy for Financial Cooperation

Date 2024.03.07 View 152

□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank“) announced on March 7 that it signed a Memorandum of Understanding (MOU) titled ‘MOU to Cooperate in Supply Chain and Eco-friendly Energy Sector’ with the United States Department of Energy (”DOE“)*.

  * The United States Department of Energy (DOE) : It is responsible for energy and nuclear security policies in the U.S. It also supports facility investments, such as building manufacturing plants and infrastructures in the U.S. to promote eco-friendly energy sectors through its Loan Program Office (“LPO”).

 

□ Korea Eximbank Chairman Yoon Hee-sung met with DOE's Loan Program Office Director Jigar Shah to sign the MOU on March 6 in the DOE headquarters in Washington D.C., U.S.

 ㅇ This marks the first time Korea Eximbank has signed an MOU with a U.S. department.

 

□ As Korean companies actively make entries into the U.S. markets amidst the realignment of global supply chains, the two entities committed to cooperate in eco-friendly energy sectors* to achieve the 2050 carbon neutrality goal.

 

 * secondary battery, electric vehicle, renewable energy, hydrogen, bioenergy, etc.

 

□ A working-level consultative body will be established to share project information, identify new projects, and provide financial support for jointly selected projects.

 

□ With Korean companies’ exports and direct investments to the U.S. on the rise, financial collaboration between the two entities is expected to further accelerate Korean exports to the U.S and facilitate cooperation in supply chains.

 

ㅇ Under the MOU, Korea Eximbank and DOE aim to provide financial support to Korean companies involved in eco-friendly energy sector projects in the U.S., such as those focusing on core minerals, electric vehicles, secondary batteries, solar power, and hydrogen.

 

□ Following the MOU signing, Chairman Yoon remarked, “This MOU will contribute to global efforts in supply chain reorganization as well as to Korea-US economic cooperation. We aim to increase financial support to enhance the export competitiveness of Korean companies with strength in eco-friendly energy sectors, such as solar and hydrogen power.”

 

□ Mr. Shah said, “As a global leading ECA with extensive experience in providing financial supports, Korea Eximbank is our primary partner in stabilizing supply chains. Collaborating with Korea Eximbank is a significant step for DOE in its aim to develop eco-friendly energy industries in the U.S.”

 

□ This MOU follows Korea Eximbank’s MOU with U.S. EXIM in December 2023 to reinforce economic cooperation between the two countries.