ANNOUNCEMENT 10 Jul 2012

On 10 July 2012, the Export-Import Bank of Korea (Korea Eximbank) announced providing funds for the Istanbul Strait Road Crossing Project in Turkey with Korean company participation.  

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The Export-Import Bank of Korea, press release of 10 July 2012, USD 280 Million Pledged for the Istanbul Strait Road Crossing Project: https://www.koreaexim.go.kr/site/program/board/basicboard/view?currentpage=32&menuid=002001007&pagesize=10&boardtypeid=284&boardid=16743

Inception date: 13 Jul 2012 | Removal date: open ended

Trade finance

The Korean Eximbank's financial support for the Istanbul Strait Road Crossing Project in Turkey has a total volume of USD 280 million. The project consists of constructing a tunnel connecting Europe and Asia under the Bosporus Strait. The Korean companies SK Engineering & Construction and Hanshin Engineering & Construction were awarded the Engineering, Procurement and Construction (EPC) contract worth USD 415 million.

In this context, the Bank stated: "We worked hard for three years and offered competitive financing to help Korean companies participate in the project to connect Europe and Asia. The Bank will continue to concentrate support in the early stages of high value-added development projects in order to assist Korean companies successfully participate in the global infrastructure construction industry."

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.

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