ANNOUNCEMENT 05 Nov 2013In November 2013, the governments of the Republic of Korea and UK announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
The Export-Import Bank of Korea press release: USD 3 Billion Financial Cooperation Promises Secured in the United Kingdom - part 1 and 2
Part 1: https://www.koreaexim.go.kr/site/program/board/basicboard/view?currentpage=10&menuid=002001007&pagesize=10&boardtypeid=284&boardid=16929
Part 2: https://www.koreaexim.go.kr/site/program/board/basicboard/view?currentpage=10&menuid=002001007&pagesize=10&boardtypeid=284&boardid=16930
On 5 November 2013 the Export-Import Bank (Eximbank) of Korea signed a Memorandum of Understanding (MoU) with UK Export Finance (UKEF) on co-financing third-country projects involving both Korean and UK companies. The MoU covers a total budget of USD 1 billion over a three-year period.
The MoU is intended to promote, through its financing budget, UK and Korean companies participating in projects within sectors such as natural resources and petroleum.
In this context the Bank stated: '... Korean companies will be able to widen their scope of cooperation with companies in developed markets by accessing UKEF's financial networks.'
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.