Eximbank shores up financial network in Middle East

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Eximbank shores up financial network in Middle East

The Export-Import Bank of Korea (Eximbank) said yesterday it has inked strategic alliance deals with banks in Kuwait, Qatar and the United Arab Emirates as part of efforts to strengthen its financial network in the Middle East.

Under the deal with six Middle Eastern lenders, including two top players, the National Bank of Kuwait and Qatar National Bank, Eximbank aims to help local builders win plant construction projects, according to a press release by Eximbank.

“Under close cooperation with the banks, Eximbank plans to support local companies doing business in the region as well as secure foreign funds from Middle Eastern sources,” said an official at the policy lender.

Eximbank has been stepping up efforts to reinforce its financial network in the region. Since 2005, it has cooperated with local lenders to finance funds worth $11.35 billion for infrastructure and plant projects.

Last week, the policy lender said it has raised around $200 million by floating Saudi riyal-denominated bonds for the first time in Asia.

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