The Export-Import Bank of Korea (KEXIM) has joined forces with the Japan Bank of International Cooperation (JBIC) to ramp up financial cooperation in third country infrastructure projects in which companies of both countries participate.
JBIC is an export credit agency, established in 1950 under the umbrella of the Japanese Ministry of Finance.
KEXIM Chairman Yoon Hee-sung and JBIC Gov. Nobumitsu Hayashi attended a ceremony to strike an MOU on financial cooperation at the Japanese Ministry of Finance on June 29.
The signing ceremony took place with Deputy Prime Minister-Minister of Economy and Finance Chu Kyung-ho and Japanese Finance Minister Suzuki Shunichi in attendance.
The latest deal came as one of achievements made following the 8th Korean-Japanese Finance Ministers’ Meeting, which took place in seven years since 2016.
The two institutions agreed to develop infrastructure projects in third countries, including the Indian-Pacific region, achieve global carbon neutrality goals and expand financial cooperation through their establishment of joint support regimes, such as joint follow-up management.
The export credit agencies of the two countries have maintained cooperative ties by offering more than $40 billion in collaboration loans to help each country’s companies enter overseas markets since 2000.
Under the latest deal, the two institutions are expected to strengthen their strategic partnership in core collaboration areas chosen in policy and economic perspectives and give a leg-up to expanding mutual benefits.
KEXIM Chairman Yoon said at the signing ceremony, “At the current juncture of changes and challenges, such as global economic recovery delay and global supply chain uncertainties and climate crisis, both countries’ resuming of economic exchanges will be a corner stone for future-oriented relations.”
Chairman Yoon said the policy financial institution KEXIM will expand financial cooperation with JBIC in keeping with the Korean government and spearhead efforts to help companies of both countries enter overseas markets and boost economic cooperation.
KEXIM Chairman Yoon Hee-sung, K-sure President Lee In-ho and President Beata Daszynska-Muzyczka of Bank Gospodarstwa Krajowego (BGK) of Poland hold an MOU they signed to ramp up economic cooperation between the two countries and invigorate financial cooperation with at BGK headquarters in Warsaw, Poland, on July 13.(Photos: KEXIM)
KEXIM Signs Tripartite Agreement on Financial Cooperation with K-sure and BGK
The Export-Import Bank of Korea struck a tripartite MOU on financial cooperation with K-sure and Bank Gospodarstwa Krajowego (BGK) of Poland, KEXIM said on July 16.
BGK is Poland’s sole state-run policy financial institution, established in 1924 to support the Eastern European country’s economic and industry development.
KEXIM Chairman Yoon Hee-sung struck an MOU to ramp up economic cooperation between the two countries and invigorate financial cooperation with President Lee In-ho of Korea Trade Insurance Corporation (K-sure) and BGK President Beata Daszyńska-Muzyczka at BGK headquarters in Warsaw, Poland, on July 13.
The three institutions agreed to ramp up financial support in core collaboration areas, such as infrastructure, transportation and renewable energies, offer joint financial support for market entry into third countries and promote personnel exchanges among themselves.