The Export Import Bank of Korea(KEXIM) granted a USD 200 million revolving uncommitted credit facility to CAF—development bank of Latin America— with the aim of fostering high-quality infrastructure investments and sustainable growth in the region in CAF-funded projects with Korean content.
Projects in Latin America involving the export of goods and services from a Korean supplier to a buyer in the region, local companies that require capital to facilitate and promote Korean exports and/or boost business with a Korean company, are eligible for this line of credit. The region will also benefit from Korean know-how, expertise, and best practices.
For his part, KEXIM chairman and President Mr. Moon-Kyu Bang added, “Latin America has become an indispensable partner to Korea with the respect to the facilitation of economic cooperation. We are pleased to take this opportunity to avail the Credit Line with CAF, a leading development bank in the region. We sincerely hope that the conclusion of the Credit Line will promote further cooperation between our countries.”
Upon signing the agreement, CAF executive president Luis Carranza Ugarte noted: “We continue to work to attract funds at favorable rates to Latin America and the Caribbean when they most need it; that is why we are pleased to announce this new facility with KEXIM, our partner of more than 14 years. We expect these funds to help us improve the well-being of the population and boost competitiveness in the region.”
This facility reinforces the relations between Korea and the region to further strengthen trade growth with Asia as part of the diversification and value-added strategy; at the same time, we attract more investment to drive sustainable development.