The Export-Import Bank of Korea (Korea Eximbank) announced that it successfully hosted the 46th OECD Environmental and Social Practitioners’ Meeting from Oct. 24 to 25 at Westin Josun Hotel in Seoul.
The meeting comprised of experts who establish and revise common approaches applied to export credit agencies of each country by addressing the potential environmental and social impact of projects for which official export credit support is requested.
They also aim to share policies and practices related to environmental and social due diligence.
The meetings have been held at the OECD headquarters in Paris and in each member’s respective country in the first half and second half of each year.
This meeting was scheduled in Seoul for 2020, but was put off due to the COVID-19 pandemic.
The meeting was co-hosted jointly with the Korea Trade Insurance Corporation, and was the first meeting held in Korea.
About 50 experts in the field of environmental impact assessment from 25 countries, including OECD member countries will be examining the environmental and social impact of export credit-supported projects and seeking to minimize the impact.
Korea Eximbank has played a leading role in the meeting since Korea joined the OECD in 1996, as seen in the 2018 appointment of the bank’s employee (Engineering and Environment Advisory Department Director Lim Dong-joon) as chair of the OECD Working Party on Export Credits and Credit Guarantees.
The Working Party on Export Credits and Credit Guarantee (ECG) was established in 1963 under the Trade Committee of OECD to review export credit policies and related emerging issues.
Financing GS Energy’s Project
Korea Eximbank will provide GS Energy with a total of 1 trillion won in financing for the implementation of carbon-neutral policies and laying the foundation for energy independence.
Korea Eximbank announced on Sept. 20 that it had signed an MOU entitled, "Financial Support Agreement for Establishing Energy Security and Transition to Decarbonization" with GS Energy.
Through the MOU, Korea Eximbank and GS Energy plan to expand the foundation for the low-carbon industry and strengthen the ESG capabilities of Korean companies.
The agreement comes as Korea is facing a transition in its energy paradigm, such as the government’s carbon neutrality policy.
Based on the MOU, Korea Eximbank will be providing 1 trillion won in financing by 2025 for the exchange of information on low-carbon energy projects, participation in such projects both within the country and abroad and the establishment of infrastructure for the introduction and supply of low-carbon energy in Korea.
“Through this MOU, we expect to greatly contribute to strengthening Korean companies’ investment capability in low-carbon energy businesses and the country’s competitiveness in securing resources,” said Korea Eximbank Chairman and President Yoon Hee-sung.
Currently, GS Energy is pushing ahead with diverse projects, including producing blue ammonia, constructing an LNG combined-cycle power plant, and acquiring LNG from overseas.
Meanwhile, Korean Eximbank invested a total of 1.2 billion won worth of project financing (PF) for the construction of UAE’s submarine extra-high-voltage direct current transmission network, and operation project participated in by Korea Electric Power Corporation and Samsung C&T.
EDCF Cooperation Workshop
External Economic Cooperation Fund (EDCF) announced on Oct. 25 that it will hold the 26th EDCF Cooperation Workshop by inviting 14 public officials in charge of cooperation in development from 14 developing countries, including Vietnam, Bangladesh, and Egypt. EDCF is an economic aid fund for developing countries established by the Korean government in 1987.
Korea Eximbank is entrusted with its operation and management by the Korean Minister of Strategy and Finance. It provides long-term low-interest loans to support industrial development and economic stability in developing countries and promotes their economic exchanges with Korea.
The event will be held face-to-face for the first time in three years, since the outbreak of the COVID-19 virus.
It will increase the participants’ understanding of EDCF and let them experience Korea’s smart infrastructure technology.
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