NongHyup Bank Signs Business Agreement with Mechanical Equipment Construction Mutual Aid Association for Overseas Construction Project Guarantee Support

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank announced on the 24th that it has signed a 'Business Agreement on Guarantee Support for Overseas Construction Projects' with the Mechanical Equipment Construction Mutual Aid Association to support the smooth overseas expansion of domestic construction companies.

When domestic construction companies try to win overseas construction contracts, they require financial support at various stages such as bid bonds, performance bonds, and defect bonds, and it is difficult to receive financial support directly from local financial institutions.

Through this agreement, construction companies can now receive guarantees related to overseas construction projects more quickly and conveniently based on the high international credit ratings of NH Nonghyup Bank and the Mechanical Equipment Construction Mutual Aid Association.

Lee Yeon-ho, Vice President of the Corporate Investment Finance Division at Nonghyup Bank, stated, “We hope this agreement will help construction companies struggling to issue guarantees to enter and grow in overseas markets,” adding, “Nonghyup Bank will continue to do its best to provide high-quality financial services.”

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