Eximbank will help exporters with loans and guarantees

The state-run Export-Import Bank of Korea plans to support a record 70 trillion won ($62.7 billion) for local exporters via loans and guarantees this year as part of its drive to boost trade, its chief said yesterday.

“Eximbank aims to provide financing and assurances worth 70 trillion won this year in a bid to help the nation’s annual trade volume exceed the $2 trillion mark,” Eximbank President and Chief Executive Officer Kim Yong-hwan told reporters.

Kim’s remarks come after Korea’s trade volume topped $1 trillion in early December for the first time in history, joining eight other countries that have reached that milestone.

Around 45 trillion won is set to be provided via loans, while the remainder will be provided through guarantees for companies in the shipbuilding and resource development industries, according to Kim.

Meanwhile, Kim said the lender is continuing to drive efforts to secure foreign funding sources.

Earlier this year, Kim said the bank aims to raise $11 billion worth of foreign funds, up from $10.3 billion in the previous year.

“Our annual goal is $11 billion, but Eximbank plans to strive to raise more if possible,” Kim said.

Yonhap