The Export-Import Bank of Korea (Korea Eximbank) joined hands with the Korea Customs Service (KCS) to promote the export of Korean e-government systems and international development cooperation projects in the field of customs administration with the Economic Development Cooperation Fund (EDCF).
The bank has been entrusted to manage the EDCF for developing countries, providing long-term low-interest loan funds to support industrial development and economic stability in developing countries, and to promote economic exchanges with Korea.
Korea Eximbank Chairman Bang Moon-kyu and KCS Commissioner Lim Jae-hyeon met at Korea Eximbank’s headquarters in Yeouido on April 18, and signed a memorandum of understanding (MOU) for comprehensive cooperation for the projects they support, ranging from project identification to implementation and follow-up management.
This MOU was signed to support the Korean Ministry of Economic and Finance’s objective to strengthen the linkage between loan assistance and grant aid ODA programs.
Korea Eximbank is Korea’s ODA loan implementing agency. It operates and manages the EDCF entrusted by the Korean Ministry of Economic and Finance, and is a key export credit agency that supports Korean companies’ overseas expansion.
The KCS has been offering assistance to redesign customs administration and modernize electronic customs clearance systems in developing countries through supporting aid projects, and is leading the exports of Korea's e-government systems by introducing Korean electronic customs clearance systems in developing countries.
Through the MOU, they agreed to cooperate in exploring countries eligible for the KCS’ aid projects with a view to possible provision of EDCF’s loan support, collaborating when the countries that hosted the KCS’ aid projects request EDCF support for their other projects and enhancing the effectiveness and sustainability of EDCF and KCS projects by establishing linkage.
With the signing of the MOU, EDCF will be able to identify potential projects in connection with the KCS' customs administration redesign projects in developing countries. This will allow rapid support for the establishment of electronic customs clearance systems in developing countries, shortening project period by up to two years.
In addition, if EDCF projects are connected with KCS projects in training and system maintenance, project sustainability is expected to be guaranteed.
Korea Eximbank CEO Bang discussed financial support for small module reactor projects with NuScale Power executives who visited Eximbank Headquarters in Seoul on April 25. (Photos: Korea Eximbank)
Korea Eximbank Discussing Financial Cooperation with NuScale Power
Korea Eximbank announced on April 26 that it discussed ways to cooperate with NuScale Power, a leading company in the world small modular reactor (SMR) market.
NuScale Power is poised to meet the diverse energy needs of customers across the world. It has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications.
NuScale Power announced in late April that it has signed a MOU with Korean companies — Samsung C&T, Doosan Enerbility and GS Energy Corporation to explore the deployment of NuScale’s VOYGR power plants.
On April 25, Chairman Bang met with executives of NuScale Power, who visited Korea Eximbank to discuss financial support for the small module reactor demonstration project currently underway in Idaho of the United States.
At the meeting, Chairman Bang also discussed financial support measures necessary for domestic related companies to jointly enter third countries with NuScale Power.
A small module reactor has a power generation capacity of 300MW, which can be produced and assembled in a factory.
