The Export-Import Bank of Korea (KEXIM) signed a joint initiative with the U.S. Development Finance Corporation (DFC) and the Japan Bank of International Cooperation (JBIC) to expand cooperation in India’s digital infrastructure sector.
According to KEXIM on Oct. 27, KEXIM President Yoon Hee-sung met with DFC President Scott Nathan and JBIC President Nobumitsu Hayashi at DFC’s headquarters in Washington, DC, and signed the Digital Infrastructure Growth initiative for India during their meeting on Oct. 25.
Through the joint initiative, the three organizations will jointly understand the strategic importance of India’s digital sector and cooperate in business development and financial and non-financial support in areas such as 5G, open RANs and smart cities.
The initiative is a follow-up to a tripartite financial cooperation MOU, which KEXIM signed with DFC and JBIC, the leading development finance institution of each country during a Korea-U.S.-Japan summit in August 2023.
It is significant in that it lays the groundwork for yielding tangible results by selecting regions and industries for cooperation, a KEXIM official said.
“In response to the Korean government’s policy to make Korea a global leader, KEXIM has been increasing its development finance capabilities, introducing financial products specialized in supporting private sector development in developing countries and issuing development finance bonds,” Yoon said in the signing ceremony.
“Through collaboration with major policy finance institutions such as DFC and JBIC, KEXIM will strengthen its position as a global development finance institution.”
Strengthening Financial Support for Entire Hydrogen Industry Value Chain
The Export-Import Bank of Korea announced on Oct. 17 that it will expand loan limits for the entire hydrogen value chain, from production and storage, to transportation and utilization, to implement preferential interest rates and fees to support Korea’s takeoff to become a leading clean hydrogen powerhouse in the world.
Clean hydrogen refers to hydrogen produced by electrolysis utilizing carbon-free power sources, such as renewable energy or hydrogen produced by fossil fuel extraction but with a significant amount of emitted carbon captured and stored, resulting in significantly reduced carbon emissions.
The plan is to help Korean companies secure global industrial competitiveness and contribute to global carbon reduction through financial supports such as expanding loan limits for the hydrogen sector by up to 10 percentage points and cutting interest rates and fees.
KEXIM will strengthen support for Korean companies’ business development from its early stage to lay the foundation for a hydrogen industry ecosystem. When selecting projects for business feasibility studies, the bank will give preferences to projects in the hydrogen field to support early business development and securing potential business items.
Seminar on Renewable Energy Industry Trends in Emerging Countries
The Export-Import Bank of Korea(KEXIM) announced that it jointly held a seminar under the theme of “Trends in the Renewable Energy Industry in Emerging Countries” with the Korea Chamber of Commerce and Industry in the business organization’s meeting room in Seoul on Oct. 15.
The seminar was held to introduce renewable energy industry trends in major emerging countries by region and to inform Korean companies of KEXIM’s financial support programs to help them tap into the renewable energy market in emerging countries.
The seminar covered the following topics - renewable energy policies and industry trends in Vietnam, renewable energy industry trends in major African countries, renewable energy industry trends in major Central Asian countries and KEXIM’s financial support system for renewable energy-related Korean companies.
Recently, countries around the world have been focusing on fostering their renewable energy industries in response to the increasingly serious climate change problem.
Emerging countries are promoting the development of their renewable energy industries to secure electricity and energy security.
To provide information for Korean companies, KEXIM’s Overseas Economic Research Institute distributed a booklet entitled “Analysis of Renewable Energy Industries in Emerging Countries” at the seminar.
The book contains trends in renewable energy industries in emerging countries and suggestions for Korean companies wishing to enter those countries.
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