In an Australian first, the Palaszczuk Government has signed a Memorandum of Understanding with one of Korea’s leading financial institutions, the Korea Development Bank (KDB), to help unlock significant investment opportunities across Queensland including in infrastructure, energy and natural resources. Signing the historic agreement at a ceremony in Seoul on May 19, 2016, Deputy Premier and Minister for Trade and Investment Jackie Trad said the new partnership was a strong vote of confidence in Queensland.
“This is the first agreement of this kind that KDB has signed with any Australian government state or federal,” Trad said.
“KDB is Korea’s leading policy bank and has been a driving force behind Korea’s economic development for more than 60 years, so this partnership is a real coup for Queensland. “KDB has already participated in Queensland projects as one of the lenders to the senior and subordinated debt on Wiggins Island Coal Export Terminal and through its subsidiary, KIAMCO (KDB Infrastructure Investment Asset Management Company), as an investor in the Millmerran Power Station.
“Officiating this partnership between Queensland and KDB will not only build upon our state’s amicable relationship with South Korea, but it will also unlock even more opportunities for engagement between Korean investors and Queensland companies.”
KDB’s Head of Project Finance, Lim Maeng-ho, said, “KDB has a strong network and extensive client base of Korean EPCs (engineering, procurement and construction companies) and strategic investors. "This MOU will allow us to support Korean companies exploring new projects and investment opportunities in Queensland particularly in, but not limited to, infrastructure, energy and natural resources.”
Trad said South Korea had been a significant investor in Queensland for many years, and the Palaszczuk government was committed to building upon this relationship even further to continue to deliver economic opportunities and jobs for Queenslanders.
“Korean investment and support has been vital in developing Queensland’s economic capacity from Korea Zinc’s development of its Sun Metals zinc refinery in Townsville nearly 20 years ago to KOGAS’ investment in the Gladstone LNG project,” Trad said.
“In more recent years we have also warmly welcomed the participation in Queensland by Korean engineering, procurement and construction contractors, such as Samsung C&T and POSCO E&C.
“That’s why I’m in South Korea this week, to continue to promote opportunities to partner and invest in Queensland and ensure this important international market knows our state is well and truly open for business.”
Korea Development Bank announced its adoption of the Equator Principles, a globally recognized benchmark for determining, assessing and managing environmental and social risk in bank financed projects. As a first mover in the Korean finance industry to uphold environmental and social safeguards in project financing, KDB sets a standard for domestic institutions in promoting sustainable development and corporate responsibility.
KDB is the first bank headquartered in Korea to adopt the Equator Principles, joining a group of 87 financial institutions worldwide representing over 70 percent of international project finance debt in emerging markets. KDB’s adoption of the Equator Principles reaffirms its commitment towards sustainable finance and demonstrates a substantial progress in integrating international best practices into its fast-growing project financing business.
The Equator Principles are a voluntary set of standards that were developed by leading financial institutions in 2003, under the objective of ensuring that projects are developed in a socially responsible manner and reflect sound environmental management practices.
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