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The Korean Eximbank announced providing Korean Hyundai Corporation with a USD 296 million loan for the company's "High Speed Electric Rail Cars Export to Ukraine" project. Ukraine has initiated a project which aims to introduce 1500 high-speed rail cars over the coming ten years.
In this context, the Korean Eximbank stated: "Korea Eximbank has cooperated with Hyundai Corporation since the early stage of the project. A key factor in the success of winning the contract was Chairman Kim's confirmation of intent for active support of the project during his meeting with Ukraine's Vice Prime Minister Borys Kolesnikov on November 2." the Bank further highlighted that: "Hyundai Corp, the exporter, and Hyundai Rotem, the manufacturer, won the contract in an aggressive competition with top-tier rail car manufacturers such as Bombardier (Canada) and Siemens (Germany)."
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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