Export-Import Bank Signs $5 Billion Financial Agreement with Abu Dhabi National Oil Company
Published 21 Jun.2021 12:09(KST)
Updated 21 Jun.2021 13:30(KST)
Visiting Executive Director Bang Moon-gyu's First Overseas Business Trip Since Taking Office in November 2019
[Asia Economy Reporter Jin-ho Kim] The Export-Import Bank of Korea announced on the 21st that it has signed a $5 billion financial cooperation agreement with Abu Dhabi National Oil Company (ADNOC) to expand orders for Korean companies in the Middle East region.
On the 20th (local time), President Bang met with Chairman Sultan Ahmed Al Jaber at ADNOC headquarters in Abu Dhabi and signed a financial cooperation agreement for a $5 billion medium- to long-term financing limit. The medium- to long-term financing limit agreement means preemptively agreeing on the limit and support conditions of the bank’s financing in front of major clients, enabling rapid financial support when future transactions such as orders by Korean companies occur.
The agreement also includes provisions that if Korean companies win large-scale projects ordered by ADNOC this year, the bank will provide financing.
At the signing ceremony, President Bang said, “Through this meeting with ADNOC, an important partner of the bank and our companies, I hope to strengthen the cooperative relationship between the two institutions and contribute to expanding orders for our companies by utilizing various financial instruments of the bank.”
Following this agreement, the bank plans to directly provide medium- to long-term financing limits to ADNOC and promote customized financial support tailored to various types of transactions such as export deals with ADNOC by Korean companies, import of key resources, and overseas joint ventures.
The bank also plans to strengthen cooperation with major Middle Eastern energy public enterprises, including Saudi Aramco, which have many transactions with Korean companies in the future.
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