Korea Trade Insurance Corporation to Provide up to $500 Million for Korean-Involved Core Mineral Projects... Forms 'Mineral Security' Alliance with ADB

“Joint Financial Support” MOU for Building Core Mineral Supply Chains

Korea Trade Insurance Corporation has announced plans to provide up to 500 million dollars in financial support to developing countries in the Asia-Pacific region, enabling them to carry out processing, refining, and manufacturing domestically, rather than limiting themselves to exporting only raw materials.

On May 3 (local time), the corporation signed a “Joint Financial Support Agreement for Building Core Mineral Supply Chains” with the Asian Development Bank (ADB) at the 59th Annual Meeting of the ADB held in Samarkand, Uzbekistan, as announced on May 5.

President Youngjin Jang of Korea Trade Insurance Corporation (right) is taking a commemorative photo after signing a memorandum of understanding with Masato Kanda, President of the Asian Development Bank, at the Asian Development Bank Annual Meeting held on the 3rd (local time) in Samarkand, Uzbekistan. Korea Trade Insurance Corporation

This agreement is part of ADB’s newly introduced “Core Minerals-Manufacturing Finance Partnership.” Through this agreement, Korea Trade Insurance Corporation plans to provide up to 500 million dollars in financing for projects in the core mineral processing and manufacturing sectors, where Korean companies hold technological advantages.

Jang Youngjin, President of Korea Trade Insurance Corporation, stated, “Securing core minerals is a matter directly linked to the survival of our industries,” adding, “We aim to establish a win-win model that supports the growth of developing countries while also securing a stable supply chain for Korean companies.”

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