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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, "Korea Eximbank") announced on July 28 that Yoon Hee-sung, the newly appointed chairman of the bank, presided over a meeting for “Emergency Economic Crisis Response Task Force“ as his first official assignment after inauguration.
○ All of the bank’s executives and heads of the planning department, the credit policy department, and the risk management department attended the meeting.
○ At the meeting, they discussed the bank’s financial support measures in depth to help Korean companies overcome the on-going multi-pronged economic crisis involving high inflation, high interest rates, and high exchange rates.
□ First off, the bank decided to significantly increase the amount of financial support in relation to its "Global Supply Chain Response Program" from the current level of 15 trillion won to 20 trillion won, determining that the present supply chain instability including unstable raw material supply issues has caused the high inflation.
○ The increased amount of five trillion won will be used to support small-and medium-sized companies (SMEs) suffering from supply chain disruptions and provide financial support for securing raw materials.
□ In response to mounting financial difficulties of SMEs due to rising benchmark interest rates and spreads, Korea Eximbank has also decided to actively seek ways to ease the interest rate burden on small-and medium-sized exporters.
○ In order to continuously supply funds to SMEs, the bank plans to maintain the current proportion of loans to SMEs at 50 percent or more as last year(50.2 percent).
□ Korea Eximbank, as a leading Korean paper issuer, will actively raise funds based on its funding capabilities in global capital markets to respond to foreign currency liquidity constraints affected by the rising exchange rate.
○ In this regard, the bank expects to raise 20 billion dollars in foreign currencies by the end of this year.
○ This amount is over five billion dollars more than the foreign currency funds raised last year.
○ Korea Eximbank will use the bond proceeds to provide sufficient loans to the sectors where financial support in foreign currency loans is most essential, including the so-called future strategic industries* such as batteries, as well as shipbuilding and defense industries, and supply chain stabilization.
* Korean Eximbank provided a $500 million financial support to SK-On to build a 30-GWh-capacity electric vehicle battery plant in Ivancha, Hungary.
□ Chairman Yoon said, “High prices, high interest rates, and high exchange rates due to global supply chain disruptions pose a major threat to the Korean economy.” He stressed, “Korea Eximbank will actively support government policies by providing quick and bold financial support to vulnerable sectors (e.g. supply chains and SMEs) to help overcome the crisis.”