Export Finance Australia and the Export-Import Bank of Korea enhance cooperation
Export Finance Australia (EFA) and the Export-Import Bank of Korea (KEXIM) have today signed a Memorandum of Understanding (MOU), targeting deeper organisational linkages and joint financings in shared priority sectors.
Media release
7 September 2023
Export Finance Australia (EFA) and the Export-Import Bank of Korea (KEXIM) have today signed a Memorandum of Understanding (MOU), targeting deeper organisational linkages and joint financings in shared priority sectors.
The MOU builds on EFA and KEXIM’s existing strong bilateral relationship and demonstrates the agencies’ commitment to support shared goals. The MOU provides a framework to work together in areas such as supply chain resilience, critical minerals and renewable energy.
Managing Director and CEO of EFA, Mr John Hopkins, and Chairman and President of KEXIM Mr Hee-Sung Yoon signed the MOU during Mr Hopkins’ visit to Korea.
“Australia and Korea have a strong bilateral relationship and a shared commitment to deeper engagement in areas such as Indo-Pacific infrastructure and the energy transition,” Mr Hopkins said.
“This MOU will enable EFA and KEXIM to leverage our experience in sectors such as critical minerals and renewables to deliver on this commitment.”
“Australia, with ample resources of critical minerals and renewable energy, can be a great partner for Korea, which is a strong player in the electric vehicle industry and hydrogen economy. I expect this MOU between KEXIM and EFA could yield significant synergies.” Mr Yoon said.
ENDS
Media Contact:
Simon Fisher, +61 421 056 872, simon.fisher@exportfinance.gov.au
About Export Finance Australia (EFA)
EFA is Australia’s export credit agency (ECA).
EFA provides commercial finance for export trade and overseas infrastructure development. From small and medium sized enterprises (SMEs) to large corporates, foreign Governments and infrastructure projects, we help Australian businesses take on the world. In doing so, EFA finance supports Australia’s economic security and regional resilience.
EFA administers the Australian Government’s National Interest Account (NIA), which currently includes the Critical Minerals Facility, the Defence Export Facility and lending for the Australian Infrastructure Financing Facility for the Pacific (AIFFP).
EFA also provides support to other Commonwealth entities, including the National Housing Finance and Investment Corporation (NHFIC) and the Northern Australia Infrastructure Facility (NAIF).
About Export-Import Bank of Korea (KEXIM)
KEXIM is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises in conducting overseas business. Since its establishment in 1976, the bank has actively supported Korea's export-led economy and facilitated economic cooperation with foreign countries.
KEXIM’s primary services include export loans, trade finance, and guarantee programs structured to meet the needs of clients in a direct effort to both complement and strengthen the clients' competitiveness in global markets. The bank also provides overseas investment credit, natural resources development credit, import credit, and information services related to business opportunities abroad.
Furthermore, the bank is responsible for the operation of two government funds: the Economic Development Cooperation Fund (EDCF), a Korean Official Development Assistance program, and the Inter-Korean Cooperation Fund (IKCF), an economic cooperation program with North Korea.
