Export-Import Bank, First in Korea to Adopt IFC-Led Impact Investment Principles

Visiting Governor Bang Moon-kyu Delivers Commitment Letter on Introducing Impact Investment Principles to IFC in Glasgow, UK

Soo-Eun Bank President Bang Moon-gyu (left in the photo) met with Stephanie von Friedeburg, IFC Vice President (right in the photo), in Glasgow, UK, on the 2nd (local time) and delivered a pledge focused on the 'IFC-led Impact Investment Principles' regarding Soo-Eun's ESG bond-linked assets.

[Asia Economy Reporter Park Sun-mi] The Export-Import Bank of Korea (KEXIM) announced on the 3rd that it will accelerate ESG (Environmental, Social, and Governance) management by becoming the first domestic institution to adopt the ‘IFC-led Impact Investing Principles’.

On the previous day, KEXIM President Bang Moon-kyu met with Stephanie von Friedeburg, IFC Vice President, in Glasgow, UK, where the UN Climate Change Conference of the Parties (COP26) was held, and delivered a pledge letter centered on the adoption of the ‘IFC-led Impact Investing Principles’ for KEXIM’s ESG bond-linked assets.

The IFC-led Impact Investing Principles is a framework established in April 2019 by IFC together with major impact investment institutions to provide discipline, transparency, and credibility to the global impact investment market. Institutions that sign these principles are required to investigate and monitor the ‘impact’ on society and the environment alongside the economic benefits from their investments and financing. To date, more than 100 development finance institutions, commercial financial institutions, and asset management companies worldwide have adopted the IFC-led Impact Investing Principles.

After delivering the pledge letter, President Bang said, “Through the adoption of the Impact Investing Principles, we expect KEXIM to accelerate ESG management and contribute to achieving the United Nations Sustainable Development Goals (SDGs).”

In July, KEXIM became the first policy bank to establish an ESG management roadmap and has been actively pursuing ESG management by creating a dedicated ESG Management Department and an ESG Committee within the board of directors. Last month, it issued a $2 billion global green bond and is actively supporting eco-friendly projects such as alternative energy and climate change response through ESG bond issuance.

Separately, President Bang held bilateral meetings with multilateral development banks (MDBs) and the Export Development Canada (EDC), which he visited in the UK to attend COP26. During these meetings, cooperation measures for climate change response, including joint financial support plans for ‘green industries’ such as renewable energy and hydrogen, were discussed.

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