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Korea Exim News

Korea Eximbank to Join Hands with K-sure to Support Korean Firms’ Overseas Expansion

  • Date2021.04.05
  • View1046
Korea Eximbank to Join Hands with K-sure to Support Korean Firms’ Overseas Expansion

The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang, Moon-Kyu, "Korea Eximbank") announced on April 5 that it signed a memorandum of understanding (MOU) with Korea Trade Insurance Corporation (K-sure) to form and operate ’K-ECA financial support open platforms.’

Korea Eximbank Chairman Bang Moon-Kyu met with K-sure President Lee In-ho at the headquarters of Korea Eximbank in Yeouido and signed the MOU.

 

In the MOU, the two Export Credit Agencies (ECAs) agreed to ▲ Share financial support strategies for K-New Deal industries, ▲ Fully cooperate from project exploration to financial arrangement and financing, and ▲ Endeavor for the globalization of K-New Deal and promote ESG principles by providing diverse incentives including preferred interest rates to companies with excellent ESG performance.

 

Korea Eximbank and K-sure are Korea's two leading ECAs that support Korean companies' international trade and overseas investment.

Korea Eximbank provides funds through loans, guarantees, and investments to Korean companies, while K-sure takes over risks in foreign transactions through offering guarantees and insurance.

According to a survey of 452 export and import companies and 20 financial institutions worldwide conducted by TXF* in March, Korea Eximbank and K-sure ranked first and second, respectively, as the world's best ECAs in 2020.

 

Under the MOU, the two agencies would inject policy financing on competitive terms into the industries emerging as driving the national growth, including renewable energy, advanced mobility, secondary batteries, next-generation telecommunications, semiconductors, and healthcare, in a timely manner.

The MOU also specifies that companies and projects that are recognized for outstanding commitment to ESG management will receive benefits such as preferential interest rates.

 

After signing the MOU, Chairman Bang remarked, "Korean companies are struggling due to the prolonged low growth and market reorganization driven by technological innovation." He added "Our two financial institutions will be One Team to help our economy reclinch the $1 trillion trade mark this year and the $600 billion export volume next year.

 

Korea Eximbank and K-sure will invite other financial institutions including commercial banks and international development banks to let them utilize the open platforms to participate in co-financing deals for Korean companies to enter overseas markets, using the two agencies’ domestic and foreign networks.

 
 
 
 
 
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