Sooeun, Signs MOU with Japan International Cooperation Bank to Strengthen Third-Country Infrastructure Cooperation

The Export-Import Bank of Korea (KEXIM) and the Japan Bank for International Cooperation (JBIC) are stepping up financial cooperation related to third-country infrastructure projects involving companies from both Korea and Japan.

KEXIM announced on the 30th that President Yoon Hee-sung signed the "KEXIM-JBIC Financial Cooperation Memorandum of Understanding (MOU)" with JBIC President Nobumitsu Hayashi at the Japanese Ministry of Finance on the 29th. This agreement is one of the outcomes of the "8th Korea-Japan Finance Ministers' Meeting," held for the first time in seven years since 2016 following the resumption of economic exchanges between Korea and Japan.

Yoon Hee-sung, President of the Korea Eximbank, and Nobumitsu Hayashi, President of the Japan Bank for International Cooperation (JBIC), signed the 'Korea Eximbank-JBIC Financial Cooperation MOU' on the 29th at the Japanese Ministry of Finance, attended by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and Japanese Finance Minister Shunichi Suzuki. From the left in the photo are Deputy Prime Minister Choo, President Yoon, President Nobumitsu, and Minister Suzuki. Photo by Choo Kyung-ho

JBIC is a public export credit agency under the Japanese Ministry of Finance that provides loans, guarantees, and investments to strengthen Japan's export industry competitiveness and develop overseas projects.

Under the presence of Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and Japanese Finance Minister Suzuki Shunichi, the two institutions agreed through this MOU to expand financial cooperation by establishing a joint support system between the two banks for third-country infrastructure project development, including the Indo-Pacific region, supply chain diversification and resilience enhancement, achieving global carbon neutrality goals, and joint post-management.

KEXIM and JBIC have maintained a long-standing cooperative relationship since 2000, providing over $40 billion in syndicated loans to support their respective overseas-expanding companies. Through this agreement, the two institutions plan to strengthen their strategic partnership in key cooperation areas selected based on policy and economic considerations and contribute to expanding mutual benefits between the two countries.

President Yoon stated, "At this time, facing changes and challenges such as delayed global economic recovery, instability in global supply chains, and the climate crisis, the resumption of economic exchanges between the two countries will serve as a cornerstone for a future-oriented relationship. As a policy financial institution, KEXIM will also align with our government to expand financial cooperation with JBIC and take the lead in promoting overseas expansion of Korean and Japanese companies and revitalizing economic cooperation."

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