Woori Bank Signs Financial Support Agreement for Overseas Expansion with Mechanical Equipment Construction Mutual Aid Association

Issuance of Foreign Currency Payment Guarantee for Construction Companies Awarded Overseas Construction Contracts

[Asia Economy Reporter Jin-ho Kim] Woori Bank announced on the 8th that it has signed a "Business Agreement on Overseas Construction Project Guarantee" with the Mechanical Equipment Construction Mutual Aid Association to facilitate overseas construction contract awards for domestic construction companies.

Domestic construction companies expanding overseas can simplify the issuance process of payment guarantees by utilizing Woori Bank's global network of 448 branches in 23 countries. They can also reduce payment guarantee fees by leveraging the excellent credit rating of the Mechanical Equipment Construction Mutual Aid Association, which is funded by construction companies.

Generally, when a construction company wins an overseas project, the client requires a payment guarantee issued by a bank to ensure contract fulfillment. Construction companies bear high fees to obtain payment guarantees from local banks.

In response, Woori Bank decided to offer the "Mutual Aid Association Foreign Currency Payment Guarantee" product. It will support domestic construction companies by issuing foreign currency payment guarantees with low fees, quickly and conveniently.

A Woori Bank official said, "Through the agreement with the Mechanical Equipment Construction Mutual Aid Association, we have provided financial support to construction companies facing difficulties in issuing payment guarantees for overseas construction projects," adding, "We will continue to support the smooth overseas investment and expansion of domestic construction companies."

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