The state-run Export-Import Bank of Korea plans to support a record 70 trillion won ($63 billion) for local exporters via loans and assurances this year as part of its drive to boost trade, its chief said Monday.
“Eximbank aims to provide financing and assurances worth 70 trillion won this year in a bid to help the nation’s annual trade volume exceed the $2-trillion mark,” Eximbank President and Chief Executive Officer Kim Yong-hwan told reporters.
Kim’s remarks come after South Korea’s trade volume topped $1 trillion in early December for the first time in history, joining eight other countries that have already achieved the milestone.
Around 45 trillion won is set to be provided via loans, while the remainder will be provided through assurances for companies in the shipbuilding and resource development industries, according to Kim.
Meanwhile, the chief said the policy lender is continuing to drive efforts to secure foreign funding sources. Earlier this year, Kim said the lender aims to raise $11 billion worth of foreign funds, up from $10.3 billion in the previous year.
“Our annual goal is $11 billion, but Eximbank plans to strive to raise more, if possible,” Kim said.
The Eximbank head said the policy lender is eying sales of bonds denominated in non-dollar currencies such as the Australian dollar and the Chinese renminbi.
Global bond sales will be considered depending on financial market circumstances, he added.
The policy lender has raised $3.6 billion this year via sales of bonds denominated in currencies including the U.S. dollar and the Malaysian ringgit.
(Yonhap News)
