ANNOUNCEMENT 04 Apr 2011
On 5 March 2011, the Export-Import Bank of Korea (Korea Eximbank) announced providing funds for POSCO's acquisition of a Brazilian niobium mining company.
NUMBER OF INTERVENTIONS
The Export-Import Bank of Korea, press release of 4 April 2011, USD 325 Million Loan Provided to Acquire Shares of Brazilian Niobium Mining Company: https://www.koreaexim.go.kr/site/program/board/basicboard/view?currentpage=46&menuid=002001007&pagesize=10&boardtypeid=284&boardid=16601
The Korean Eximbank's financial support to the Korean company POSCO to acquire 2.5% stake in the Brazilian niobium mining company CBMM has a total value of USD 325 million.
In this context, a Korean Eximbank official stated: "As Korean companies are expanding into overseas natural resource markets in terms of sectors and regions, Korea Eximbank plans to further enhance comprehensive financial packages providing customized finance for sectors with great potential such as rare metal development, as well as non-financial services including investment information on target nations."
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.