Exim Bank supports cooperation

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Exim Bank supports cooperation

The Export-Import Bank of Korea (Exim Bank), one of South Korea’s state-run policy lenders, said Tuesday that it will provide full financial support for future inter-Korean economic cooperation projects.

With the ongoing thaw in relations on the Korean Peninsula, hopes are high for South-North economic cooperation in the transportation and humanitarian sectors. The two sides are holding working-level talks on road and railway connections.

“The bank will aim to become a cornerstone in economic cooperation with North Korea, making full use of our experience in inter-Korean economic cooperation, financing overseas projects and ties to a wide range of international financial networks,” the bank’s president, Eun Sung-soo, said in a press meeting. “Exim Bank will be the supporting force in leading inter-Korean economic cooperation and development.”

He said the state-run Inter-Korea Cooperation Fund (IKCF), which is designed to finance economic cooperation and social and cultural exchange between the two Koreas, will play a role in broadening inter-Korean relations. Entrusted by the government, Exim Bank manages the 1 trillion won ($890 million) fund.

“The IKCF will be expanded when the two Koreas agree to join hands in economic development,” said Eun, a former chief of the Korea Investment, South Korea’s sovereign wealth fund. “Upcoming on-site inspections and feasibility tests of North Korean roads and railways are expected to be funded by the IKCF.”

The bank will also strive to downsize and restructure.

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