EXIM Bank to expand credit line for component industry, overseas infrastructure projects

2020.01.21 14:07:42 | 2020.01.21 14:08:18

EXIM Bank Chairman Bang Moon-kyu speaks at a press conference in Seoul on Jan. 20, 2020. [Photo provided by Export-Import Bank of Korea]이미지 확대

EXIM Bank Chairman Bang Moon-kyu speaks at a press conference in Seoul on Jan. 20, 2020. [Photo provided by Export-Import Bank of Korea]

South Korea’s state lender Export-Import Bank of Korea (EXIM Bank) pledged to provide 69.3 trillion won ($59.4 billion) in loans to components and equipment businesses as well as overseas infrastructure projects this year, up 16 percent from 59.8 trillion won support it offered last year, EXIM Bank head Bang Moon-kyu said at a press conference on Monday.

The bank will offer 12 trillion won in financial support, up 41 percent from 8.5 trillion won last year, to overseas infrastructure projects, focusing on large-scale projects from key strategic markets including Indonesia, Vietnam and India, and high-profit urban construction deals such as smart cities and airports.

Last year Korean builders achieved the lowest performance in overseas construction in 10 years, said Bang, adding they are expected to recover this year as there will be more business opportunities in the strategic markets along with growing LNG plant projects overseas.

By Chung Joo-won and Choi Mira

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