ANNOUNCEMENT 05 Nov 2013In November 2013, the government of Republic of Korea announced a change in financial export support.
NUMBER OF INTERVENTIONS
The Export-Import Bank of Korea press release: USD 3 Billion Financial Cooperation Promises Secured in the United Kingdom (2/2)
Available at: https://www.koreaexim.go.kr/site/program/board/basicboard/view?currentpage=10&menuid=002001007&pagesize=10&boardtypeid=284&boardid=16930
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 5 November 2013 the Export-Import Bank (Eximbank) of Korea signed a Memorandum of Understanding (MoU) with UK-based Seadrill. The Eximbank promises, through the MoU, to finance Seadrill's purchases of Korean maritime drilling platforms with a total sum of USD 1 billion. (see related measure)
In this context the Bank stated: 'The MOU is likely to further enhance the global market dominance of Korean shipyards.'
The Eximbank of Korea operates with various financial instruments, including Direct Loans and Comprehensive Guarantees, to promote its maritime sector. Direct Loans are provided to foreign buyers when financing their purchase of specific Korean maritime goods, whilst a Comprehensive Guarantee is provided for ship buyer's repayments. More information on the Bank's financial instruments 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.