KB Kookmin Bank announced on the 13th that it has supported export guarantee financing for defense industry companies by utilizing export guarantees from the Defense Industry Mutual Aid Association.
Export guarantee financing takes the form of issuing an export guarantee certificate in which the Defense Industry Mutual Aid Association designates the bank as the guaranteed creditor. The Defense Industry Mutual Aid Association issued the first export guarantee certificate with KB Kookmin Bank as the guaranteed creditor, enabling defense companies to use overseas export guarantees at a low guarantee fee.
The Defense Industry Mutual Aid Association performs guarantee and mutual aid services for its members, including defense companies, in accordance with Article 21 of the "Act on the Development and Support of the Defense Industry." KB Kookmin Bank signed a business agreement with the Defense Industry Mutual Aid Association last year. Accordingly, they have continued cooperation in various areas such as supporting guarantee services related to overseas projects, providing win-win payment services in domestic and international supply chains, and offering preferential financial services for employees.
Lee Pil-su, Standing Vice Chairman of the Defense Industry Mutual Aid Association, said, "We hope that this first export guarantee will serve as a stepping stone for the growth of defense companies through the Association’s export guarantees," and added, "We will continue to expand broad financial support so that defense companies can cover not only domestic but also export markets."
A KB Kookmin Bank official stated, "KB Kookmin Bank will actively support the issuance of export guarantee certificates for defense companies with excellent technological capabilities," and added, "We also plan to provide additional financial support solutions necessary for the manufacturing stage prior to export."
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