[Sponsored Report] Eximbank ups investments

The Export-Import Bank of Korea (Korea Eximbank) is supporting overseas businesses.

Korea Eximbank announced on Sept. 19 that it has decided on a 3.5 million dollar equity investment into Bang Joo Electronics Vietnam Jsc, a local subsidiary of the Bang Joo Group.

This is the first time the Korea Eximbank has directly invested in an overseas small and medium-sized company after the bank announced its own mission to support and invest in the overseas expansions of small and medium-sized companies.

Korea Eximbank had already provided a total of $8.5 million which includes business loans and capital lease to Bang Joo Electronics Vietnam Jsc.

Bang Joo Group’s Vietnam subsidiary, which the Eximbank Korea had invested in, was established in 2014 to manufacture and deliver optical image stabilizer voice coil motors used in cell phones and camera modules to the Vietnam corporation of Samsung Electronics and Samsung Electro-mechanics.

Eximbank Korea authorities said, “The investment provides a new financial support solution for small and medium-sized companies that seek for overseas expansion that is different from the previous support plans which used to focus on loan support. The investment plan of the Eximbank Korea expects to establish a successful overseas expansion model for small and medium-sized companies by raising public confidence in businesses, attracting additional investments and encouraging initial public offerings of new businesses.”

Eximbank Korea has provided a total of 143 million Euros ($160 million) in financial support to the construction and administration of a general hospital in Gaziantep, Turkey. Samsung C&T is participating in the project as the business proprietor as well as the EPC.

BY YANG SE-YOUNG [yang.seyoung@joongang.co.kr]