AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 27 March 2017, the Korean Eximbank announced providing a total value of USD 1 billion in a direct loan for the Clean Fuels Project (CFP project) in Kuwait. The Korean companies GS E&C, SK E&C, Samsung Engineering, Daewoo E&C, and Hyundai Heavy Industries are participating in this project.
The project will modernise two refineries in Kuwait operated by the state-owned oil refining company Kuwait National Petroleum Company (KNPC)
In this context, an official of the Eximbank stated: "In this project, five major Korean construction companies are taking their part to construct USD 6 billion worth of a plant, while more than 150 Korean small and medium-sized enterprises are exporting equipment as KNPC's partners." He added, "Korea Eximbank decided to extend USD 1 billion in the form of Direct Loan when the project is 70~80% completed to promptly provide the funding to KNPC"
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.
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