Export–Import Bank of Korea

Export–Import Bank of Korea
Export–Import Bank of Korea
Type	State-owned enterprise
Industry	Banking; Financial services
Founded	1976; 50 years ago
Headquarters	Seoul, South Korea
Key people	Kiyeon Hwang, Chairman & CEO
Products	Investment Banking; Commercial Banking
Parent	Ministry of Finance and Economy
Website	Official Website

The Export–Import Bank of Korea (Korean: 한국수출입은행), also commonly known as the Korea Eximbank (KEXIM), is the official export credit agency of South Korea.

Overview

The bank was first established in 1976. Its primary purpose is to support South Korea's export-led economy by providing loans, financing mega projects and thereby facilitating economic cooperation with other countries.

Government funds

The bank manages the following government funds:

Economic Development Cooperation Fund (EDCF): The EDCF evaluates and implements aid projects in developing countries.
Inter-Korean Cooperation Fund (IKCF): The IKCF oversees an economic cooperation program with North Korea and serves as a clearing settlement bank with the Foreign Trade Bank of North Korea.

Aid programs

On January 6, 2013, the bank announced its decision to provide loans and credit guarantees worth US$917 million to entertainment and food firms over the next three years to promote the spread of the Korean Wave in foreign countries. A spokesman representing the bank told reporters that K-pop, Korean dramas, as well as traditional Korean cuisine have huge growth potential, and that exporters of such cultural content deserve more investment and financial support.