Exim Bank supports cooperationThe 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.
with the Korea JoongAng Daily
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