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On 3 March 2016, the Export-Import Bank (Eximbank) of Korea announced signing a Memorandum of Understanding (MoU) with the Egyptian Ministry of International Cooperation. In this MoU the Eximbank of Korea will provide financial support consisting of a USD 700 million EDCF loan and USD 2.3 billion export credit line. The credit line and loan will mainly focus on energy and transportation projects.
An official from the Eximbank of Korea hereto stated: ' By providing comprehensive financial package of EDCF loan and export credit, we will contribute to establishing the foundation for Korean companies to advance into the Egyptian market.'
On the same day the Eximbank of Korea announced signing a USD 115 million EDCF loan agreement with the Government of Egypt for a railway project. See related measure.
The ExImBank of Korea provides various export loans and guarantees on favorable terms to support specific Korean companies' business activities abroad. The terms and conditions vary depending on the loan or guarantees' purpose. More information on such loans and guarantees can be found on the Bank's website under Official Export Credit as well as under export related loans / guarantees.
The Economic Development Cooperation Fund (EDCF) loans
The EDCF provides low-interest and long-term loans to developing countries for projects seeking to promote industrialization and economic stability. In some cases Korean companies are involved in such projects directly or through exports. More information on the Fund can be found on the official website or the "Guide to the Import-Export Bank of Korea" publication.
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