ANNOUNCEMENT 07 Nov 2013In November 2013, the government of Republic of Korea announced a change in financial export support.
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The Export-Import Bank of Korea press release: USD 3 Billion Financial Cooperation Promises Secured in the United Kingdom (1/2)
Available at: https://www.koreaexim.go.kr/site/program/board/basicboard/view?currentpage=10&menuid=002001007&pagesize=10&boardtypeid=284&boardid=16929
On 7 November 2013 the Export-Import Bank (Eximbank) of Korea announced signing an Memorandum of Understanding (MoU) with the European Bank for Reconstruction and Development (EBRD). The MoU holds a financing target of USD 1 billion and focuses on co-financing projects in emerging markets where the EBRD operates.
In this Context the Bank stated: 'the USD 1 billion co-financing target agreed between the two agencies will be very helpful for Korean companies entering emerging markets in Eastern Europe, Central Asia, and North Africa.' The measure, therefore, favours Korean exporters over rivals.
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.