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Export–Import Bank of Korea

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Export–Import Bank of Korea
Company typePublic
BMV: KEXIM
IndustryBanking
Financial services
Founded1976; 48 years ago (1976)[1]
HeadquartersSeoul, South Korea
Key people
Hee-seong Yoon , CEO
ProductsInvestment Banking
Commercial Banking
WebsiteOfficial Website

The Export–Import Bank of Korea, also commonly known as the Korea Eximbank (KEXIM), is the official export credit agency of South Korea.[1]

Overview

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The bank was first established in 1976.[1] Its primary purpose is to support South Korea's export-led economy by providing loans, financing mega projects and thereby facilitating economic cooperation with other countries.[1]

Government funds

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The bank manages the following government funds:

  • Economic Development Cooperation Fund (EDCF): The EDCF evaluates and implements aid projects in developing countries.[2]
  • Inter-Korean Cooperation Fund (IKCF): The IKCF oversees an economic cooperation program with North Korea and serves as a clearing settlement bank with the Foreign Trade Bank of North Korea.[2]

Aid programs

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On January 6, 2013, the bank announced its decision to provide loans and credit guarantees worth US$917 million to entertainment and food firms over the next three years to promote the spread of the Korean Wave in foreign countries. A spokesman representing the bank told reporters that K-pop, Korean dramas, as well as traditional Korean cuisine have huge growth potential, and that exporters of such cultural content deserve more investment and financial support.[3]

International collaboration

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The Chairman and CEO Hee-sung Yoon of the Export–Import Bank of Korea (Korea Eximbank), the Governor Nobumitsu Hayashi of Japan Bank for International Cooperation (JBIC), and the CEO Scott Nathan of U.S. International Development Finance Corporation (DFC) signed the Digital Infrastructure Growth Initiative for India Framework (DiGi Framework) on 25 October 2024 to support projects in the information and communications technology sector such as 5G, Open RAN, submarine cables, optical fiber networks, telecom towers, data centres, smart city, e-commerce, artificial intelligence, and quantum technology. The DiGi Framework creates a streamlined process where DFC, JBIC, and Korea Eximbank, in partnership with the Indian private sector, can provide support to meet the needs of strategic digital infrastructure deals in India. Additionally, the streamlined process will facilitate policy discussions with the Government of India.[4]

References

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  1. ^ a b c d Overview – Korea Eximbank, Export–Import Bank of Korea
  2. ^ a b The Roles of KEXIM Archived 2013-03-01 at the Wayback Machine
  3. ^ "Eximbank to finance 'hallyu' businesses". koreatimes. 2013-02-06. Retrieved 2024-11-07.
  4. ^ "U.S., Japan and South Korea join hands to support digital infrastructure in India". The Hindu. 2024-10-26. ISSN 0971-751X. Retrieved 2024-11-07.
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