Signed the Korea-US-Japan Joint Initiative
Expecting Benefits for Korean Companies
President Yoon: "Supporting Leap to Global Hub Nation by Strengthening KEXIM's Development Finance Functions"
Yoon Hee-sung, President of the Export-Import Bank of Korea (third from the left in the photo), met with Scott Nathan, CEO of DFC (first from the left), and Nobumitsu Hayashi, President of JBIC (second from the left), in Washington D.C., USA, on the 25th (local time) to sign the "Korea-U.S.-Japan Joint Initiative for India Digital Infrastructure Cooperation."
The Export-Import Bank of Korea announced on the 27th that it has expanded cooperation in the digital infrastructure sector in India with the U.S. International Development Finance Corporation (DFC) and the Japan Bank for International Cooperation (JBIC).
On the 25th (local time), Yoon Hee-sung, President of the Export-Import Bank of Korea, met with Scott Nathan, CEO of DFC, and Nobumitsu Hayashi, President of JBIC, at the DFC headquarters in Washington D.C., USA, to sign the "Korea-U.S.-Japan Joint Initiative for Cooperation in India’s Digital Infrastructure."
Through this joint initiative, the three institutions agreed to ▲ jointly recognize the strategic importance of India’s digital sector and ▲ cooperate in discovering projects and providing financial and non-financial support in areas such as 5G, Open RAN, and smart cities.
This initiative is a follow-up measure to the trilateral financial cooperation memorandum of understanding (MOU) signed with DFC and JBIC, the representative development finance institutions of each country, during the Korea-U.S.-Japan summit in August last year. It signifies the establishment of a foundation for tangible outcomes by specifying the cooperation regions and industries. Supporting the expansion of digital infrastructure in India, which has a large domestic market potential and a high-quality workforce, is expected to improve the local business environment for Korean companies that have entered India to establish production bases.
At the signing ceremony, President Yoon said, “In response to the government’s policy to leap forward as a global pivotal country, the Export-Import Bank of Korea is strengthening its development finance functions. To this end, we have introduced financial products specialized in supporting the private sector in developing countries and have also issued development finance bonds.” He added, “Through collaboration with major policy finance institutions such as DFC and JBIC, we expect to strengthen our position as a global development finance institution and respond more actively to the diversified financial needs of Korean companies.”
Meanwhile, to strengthen its development finance functions, the Export-Import Bank of Korea newly introduced the “Developing Country Private Investor Loan” earlier this month. This allows support even if it is not directly linked to Korean companies’ exports or investments, as long as indirect benefits such as improving the companies’ overseas business environment are expected. It is utilized to support the private sector in developing countries and is expected to complement the blind spots of existing Export-Import Bank financing by flexibly supporting various overseas expansion methods of domestic companies.
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