AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 16 July 2010 the Export-Bank of Korea and the Sumitomo Mitsui Banking Corporation (SMBC) signed an accord to provide finance for large overseas projects such as "ship finance, export finance, foreign investments; development of natural resources; and sharing of information regarding projects."
One purpose of this scheme was revealed by the following statement by an official at the Export-Import Bank, quoted directly in the press release as follows:
A representative of Korea Eximbank stated, "Korean and Japanese companies are increasingly forming consortiums in the plant market. Co-financing by Korea Eximbank and SMBC, facilitated by this agreement, will increase competitiveness of Korean-Japanese consortiums to win contracts." '
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