United States and Korea: Joint financing initiative for trade and investment in "green" products
On 17 April 2009 the Export-Import Bank of Korea announced the signing of a Cooperation Agreement with the United States Eximbank. The agreement concerned "collaborative aid in green industries and new and renewable energy."
The relevant press release states the scale and purpose of this initiative, which is not confined to influencing trade between the signatories:
"According to the agreement, Korea Eximbank will receive a $500 million credit line from US Eximbank for the purchase of new and renewable energy related equipment from the US. Additionally, Korea Eximbank and its US counterpart will jointly provide assistance to support green industries in other countries.
"The agreement provides Korea Eximbank with funds from US Eximbank for fifteen years at the lowest interest rate level allowed by the Organization for Economic Cooperation and Development (OECD) Export Credit Guidelines. The agreement thus ensures long-term availability of foreign currency at low interest rates.
"The agreement is expected to greatly contribute towards the development of green industries through the provision of funds at rates that are considerably lower than market interest rates."
Any Evidence-Based Deliberation:
|Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations?|
|Is there any evidence that alternatives to the proposed measure were considered?|
|Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government?|
|Was such evidence identified?|
|Is such evidence publicly available?|
|Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives?|
|Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken?|
|Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory?|
|Did the government state its intention to review the measure within one year of implementation?|
Date of inception: 17 Apr 2009
GTA Evaluation: Red
"Korea and US Eximbanks Sign $500 Million Cooperation Agreement Supporting Green Growth," Available at http://www.koreaexim.go.kr/en2/01_exim/04_bank/01_view.jsp?nCP=1&nRegNo=...