Export-Import Bank of Korea Signs $300 Million MOU with IDB Invest

The Export-Import Bank of Korea announced on the 27th that it has signed a financial cooperation memorandum of understanding (MOU) worth 300 million dollars with IDB Invest.

IDB Invest is the private sector investment arm of the Inter-American Development Bank (IDB) Group, supporting private sector growth, job creation, and climate change response projects in Latin America and the Caribbean.

An Jonghyuk, Acting President of the Export-Import Bank of Korea, and Ilan Goldfajn, President of the IDB Group, met at the Export-Import Bank of Korea's headquarters in Yeouido, Seoul, on the 24th and signed the MOU.

The Export-Import Bank of Korea plans to pursue up to 300 million dollars in joint financing over the next five years by utilizing various credit products, including the Private Sector Development Investment Fund (PDIF), in partnership with IDB Invest. The cooperation agenda includes the digital sector, such as artificial intelligence (AI), to support the expansion of Korean companies into Latin America, where export market diversification is urgently needed, and to foster the growth of the local private sector.

Acting President An stated, "It is significant that we have established a strategic partnership with a major development finance institution in the Americas," and added, "We will support the diversification of export markets for Korean companies and actively contribute to the global agenda."

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