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Korea Exim News

Korea Eximbank Expands Credit Line by USD 65 Million for Asaka Bank of Uzbekistan

  • Date2017.09.23
  • View8283


The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Sung-soo Eun, “Korea Eximbank”) announced on September 21 that it signed an Interbank Credit Facility Agreement amounting to USD 65 million with Asaka Bank, a state-owned bank of the Republic of Uzbekistan.


Korea Eximbank Executive Director Kim Yong-Soo met with Asaka Bank Chairman Mullajanov Kakhramon Kadirovich at the headquarters of Korea Eximbank in Seoul and signed the agreement.


A Korea Eximbank official said, "The agreement we signed will support Korean companies’ expansion into Uzbekistan and facilitate their business in the country by channeling funds to the subsidiaries of the Korean companies in Uzbekistan and local companies which import goods and services from Korea.“


The Interbank Credit Facility program is a financial arrangement whereby Korea Eximbank extends a credit line to a foreign bank from which the foreign bank draws fund to lend to its local corporate clients having business relations with Korean companies.


Established in 1995, Asaka Bank is a state-owned commercial bank of the Republic of Uzbekistan known to have solid business networks nationwide. The bank provides services such as commercial banking, funding to government-related projects, etc.


With the agreement amounting to USD 65 million signed today, Asaka Bank secured the highest amount of Interank Credit Line with Korea Eximbank in Uzbekistan on top of the existing USD 100 million of credit line that had been signed last year.