ANNOUNCEMENT 16 Jul 2010

In July 2010, the government of Republic of Korea announced a change in its trade finance instruments.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



"Korea Eximbank and SMBC Sign Cooperation Agreement to Co-finance Large-scale Plant Projects," Available at http://www.koreaexim.go.kr/en2/01_exim/04_bank/01_view.jsp?nCP=1&nRegNo=455&cUseYN=&nSSecNo=9&sSKeyword=


Inception date: 16 Jul 2010 | Removal date: open ended
Still in force

Trade finance

On 16 July 2010 the Export-Bank of Korea and the Sumitomo Mitsui Banking Corporation (SMBC) signed an accord to provide finance for large overseas projects such as "ship finance, export finance, foreign investments; development of natural resources; and sharing of information regarding projects."
 
One purpose of this scheme was revealed by the following statement by an official at the Export-Import Bank, quoted directly in the press release as follows:
 
A representative of Korea Eximbank stated, "Korean and Japanese companies are increasingly forming consortiums in the plant market. Co-financing by Korea Eximbank and SMBC, facilitated by this agreement, will increase competitiveness of Korean-Japanese consortiums to win contracts." ' 

AFFECTED SECTORS

 

AFFECTED PRODUCTS

 
N/A