ANNOUNCEMENT 01 Jul 2010In July 2010, the government of Republic of Korea announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
"Korea Eximbank Signs US$50 Million Interbank Export Loan Agreement," Available at http://www.koreaexim.go.kr/en2/01_exim/04_bank/01_view.jsp?nCP=1&nRegNo=452&cUseYN=&nSSecNo=9&sSKeyword=
On 1 July 2010 the Export-Import Bank of Korea signed a US$50 million export financing deal with Bancomex. The press release published by the former agency states:
'The Interbank Export Loan Agreement establishes a line of credit between Korea Eximbank and a participating foreign bank to provide financing for local importers of Korean goods and services. The agreement promotes exports of Korean goods through a foreign office of Korea Eximbank in the importing country.
"Through the agreement, Korea Eximbank will be able to assist Korean companies to increase exports to Mexico as Mexican importers can utilize the line of credit when importing korean goods and services.
"According to a representative of Korea Eximbank, "This agreement will further increase the exports to Mexico in the areas of electronics, automobiles, textiles, etc, where demands are rising in Mexico." '