ANNOUNCEMENT 28 May 2015In May 2015, the government of Republic of Korea announced a change in financial export support.
NUMBER OF INTERVENTIONS
Eximbank press release: Korea Eximbank Lays an Economic Cooperation Steppingstone into a Central Asian Hub Country
Available at: https://www.koreaexim.go.kr/site/program/board/basicboard/view?menuid=002001007&pagesize=10&boardtypeid=284&boardid=17019
Guide to the Export-Import Bank of Korean
Available at: https://www.koreaexim.go.kr/site/inc/file/fileDownload?dirname=/doc/002&...
ExImBank official website: https://www.koreaexim.go.kr/site/main/index002
On 28 May 2015 the Export-Import Bank (Eximbank) of Korea announced signing a USD 33 million loan agreement with Uzbekistan's Ministry of Finance. The loan will fund the 'Educational Informatization Project phase ', with the first project phase being implemented in 2006. The second phase of the project focuses on establishing 2,229 computer classrooms in Uzbekistan's elementary schools, among others. The project additionally aims to promote export opportunities of informational equipment products for Korean companies. The loan is financed through the Korean Economic Development Cooperation Fund (EDCF).
In this context the Bank's Chairman stated: "The EDCF to be provided upon this agreement will grant a chance for promoting the export of Korea's advanced Information Communication Technology to Uzbekistan and serve as a gateway into the wider Central Asian market for Korean Information Communication Technology players."
The Economic Development Cooperation Fund
The EDCF provides low-interest and long-term credit 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.
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.
According to UN Comtrade, no trading partner exceeded the GTA threshold of USD 1 million in on the affected tariff lines in the year prior to the intervention. Thus, no affected trading partners have been identified.