ANNOUNCEMENT 03 Mar 2016In March 2016, the government of Republic of Korea announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
The Export-Import Bank of Korea press release of 3 March 2016: EDCF to Lend USD 115 million to Modernization of Railway Signaling System Project In Egypt: https://www.koreaexim.go.kr/site/program/board/basicboard/view?currentpage=1&menuid=002001007&pagesize=10&boardtypeid=284&boardid=53406
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 3 March 2016, the Export-Import Bank (Eximbank) of Korea announced signing a USD 115 million EDCF loan agreement with the Government of Egypt. The loan funds the Modernization of Railway Signaling System Project. This project facilitates Korean exports. In this context the Bank stated: 'Since Korean companies' technologies and operating know-how are to be exported through this project, it is expected that the project will pave the way for many Korean companies to make entry into the African market.'
On the same day the Eximbank of Korea and Egyptian Ministry of International Cooperation signed a Memorandum of Understanding for future collaboration. See related measure.
The Economic Development Cooperation Fund (EDCF) loans
The EDCF provides low-interest and long-term loans 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.
Affected trading partners are identified based on UN Comtrade's import data from 2014.