Export-Import Bank Signs Financial Cooperation MOU with IFC... Expanding Opportunities for Korean Companies in Developing Countries

Mercury and IFC Sign Financial Cooperation MOU via 'Online Video Signing Ceremony'
Mutual Cooperation Across All Stages from Joint Discovery of High-Development-Effect Developing Country Projects to Financial Support
Mid-to-Long-Term Strategy to Expand Developing Countries' Economies and Increase Overseas Market Opportunities for Korean Companies

Visiting Governor Kyoo Soo-eun (left in the photo) and Philippe Le Hou?rou, IFC President, signed a business agreement on the 25th via an online video signing ceremony held respectively in Seoul and Washington, USA, to jointly discover projects in developing countries involving our companies and provide financial support.

[Asia Economy Reporter Kangwook Cho] The Export-Import Bank of Korea (KEXIM) announced on the 25th that it signed a Memorandum of Understanding (MOU) with the International Finance Corporation (IFC) to jointly discover projects in developing countries involving Korean companies and provide joint financial support.

On the day, KEXIM President Bang Moon-kyu and IFC President Philippe Le Hou?rou signed the MOU via an 'online video signing ceremony' held respectively in Seoul and Washington, D.C., USA. IFC is the world's largest development finance institution supporting the private sector in developing countries under the World Bank Group.

The MOU between the two institutions mainly includes △ joint discovery of projects in developing countries such as the New Southern and New Northern regions and cooperative financing △ business development to expand opportunities for entering emerging markets △ strengthening cooperation through personnel exchanges and expert dispatches. Accordingly, the two institutions plan to strengthen mutual cooperation across all stages from discovery and development to funding support for 'high development impact projects in developing countries' in fields such as overseas smart cities and healthcare involving Korean companies.

After signing the MOU, President Bang said, "KEXIM will expand joint support projects with IFC to overcome the global COVID-19 crisis and accelerate support for the K-New Deal and untact industries in preparation for the post-COVID-19 era."

President Le Hou?rou also attended the video signing ceremony and said, "IFC is supporting the private sector to preserve jobs and sustain economic activities through its own financial packages, including an $8 billion 'COVID-19 Fast Track Financing' and a $4 billion 'Global Healthcare Platform.' Through this agreement, KEXIM and IFC will contribute more to the economic recovery and sustainable development of developing countries."

Since 2008, KEXIM and IFC have jointly provided $11.2 billion in cooperative financing for infrastructure projects in developing countries. In particular, the two institutions are currently discussing cooperative financing of about $300 million for a $650 million Nepal hydropower plant project constructed and operated by Korean companies, and are reviewing joint support for a water treatment plant construction and operation project in Indonesia.

KEXIM and IFC plan to activate regular high-level and working-level consultative bodies to exchange project information and further strengthen networking.

A KEXIM official explained, "This MOU also includes a mid- to long-term strategy to increase overseas market opportunities for Korean companies by expanding economic scale through promoting the development of developing countries."

This content was produced with the assistance of AI translation services.