The Export-Import Bank of Korea (Korea Eximbank) announced on Nov. 22 that it signed an MOU on cooperation with Naver and NAVER Cloud to boost competitiveness in global expansion.
Yoon Hee-sung, president of Korea Eximbank, signed an MOU with Chae Sun-joo, head of external affairs and ESG policies at NAVER, Kim Yoo-won, CEO of NAVER Cloud, and Seok Sang-ok, CEO of NAVER Labs at the NAVER 1784 office building in Seongnam, Gyeonggi Province on Nov. 2.
The MOU was signed to boost the competitiveness of high-tech industries to break into the global market by linking Korea Eximbank’s financial support capabilities and Team Naver’s ICT capabilities.
The gist of the business agreement includes information exchanges on overseas ICT construction and smart city development projects, joint business development, and financial support for overseas projects promoted by Team Naver.
The MOU is expected to create leading overseas expansion cases based on cooperation between the two companies in K-ICT projects, such as the Digital Twin Project in Saudi Arabia which was won by NAVER.
“The signing of this agreement is expected to pave the way for the expansion of Team Naver’s overseas business and the diversification of Korea Eximbank’s future industry portfolios and create synergies between the construction and IT industries,” Yoon said, after signing the agreement. “Korea Eximbank will actively support the global expansion of our K-ICT business by utilizing various financial means.”
Issuance of 65 Billion Yen in Samurai Bonds
Korea Eximbank announced on Nov. 21 that it successfully issued 65 billion yen (approximately $420 million) Samurai bonds.
Samurai bonds refer to yen-denominated bonds issued by foreign entities in the Japanese capital market
To meet investors’ diverse demands. the bonds were issued in three tranches with maturities of three, five and seven years, amounting to 25 billion yen, 33.4 billion yen, and 6.6 billion yen, respectively.
The five-year tranche was issued as a green bond, aligning with the bank’s commitment to ESG principles as a leading ESG-focused institution in Korea.
TONA Mid Swap Rate: Benchmark Rate for Fixed-Rate Samurai Bond Issuance
This issuance marks Korea Eximbank’s return to the yen bond market after a six-year absence, following its last issuance in 2018.
It builds upon the momentum of last years’ Korea-Japan summit and the inaugural Samurai bond issuance of the Korean government, contributing to enhanced economic cooperation between the two countries.
Additionally, this successful issuance sets a new benchmark for Korean bonds in the Japanese market this year.
Notably, the proceeds from the 5-year green bond tranche will be dedicated to funding decarbonization and environmentally sustainable projects.
Discussion on Safeguards at EDCF Meeting
Korea Eximbank announced that it held the 6th EDCF Environmental Social Consultation Meeting at Korea Eximbank’s headquarters in Yeouido, Seoul on Nov. 21.
As the EDCF’s entrusted executor, Korea Eximbank has been regularly holding meetings of the EDCF Environmental and Social Advisory Board, comprised of external experts to hear various opinions on environmental and social issues of EDCF projects since 2021.
The advisory board is composed of nine external experts in the field of environment and society, including experts from academia, research centers, public institutions, and civil groups.
The main points of the EDCF Safeguard Policy were discussed with specific cases at the 6th Advisory Meeting held on this day. So were ways to improve them.
