Korea Eximbank locks in global supply chain partnership with IFC

Export-Import Bank of Korea (Korea Eximbank) Chairman and CEO Hwang Ki-yeon held strategic talks on financial cooperation with International Finance Corporation (IFC) Managing Director Makhtar Diop, the bank announced on Oct. 18.

 The discussions occurred during the annual meeting of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Bangkok.

The meeting, the world's largest economic gathering, brings together finance ministers and central bank governors from member nations to deliberate on the current state of global finance and the direction of public and private resources to eradicate poverty and spur growth in developing nations.

 Korea Eximbank and the IFC hailed their cooperation and proven track record with large-scale infrastructure and energy projects and agreed to broaden their partnership.

 The partners agreed to strengthen financial cooperation in strategic sectors such as critical minerals and innovative, cutting-edge industries.

 Beyond energy projects, the two parties agreed to strengthen financial cooperation in strategic sectors such as critical mineral supply chains and innovative, cutting-edge industries, as well as respond to global supply chain realignment and industrial restructuring.

They also plan to scale up joint financial backing for frontier sectors, including innovative and cutting-edge tech industries.

Leveraging the WBG’s multilateral platforms and financial instruments, Korea Eximbank aims to strengthen cooperation to stabilize both global supply chains and the critical minerals value chain while also ramping up co-financing for frontier sectors such as green industries, AI and digital infrastructure. 

Since establishing the Resilient and Inclusive Supply-Chain Enhancement fund in 2023, the WBG has been spurring investment to diversify critical mineral supply chains for clean energy technology while adding value in emerging and developing economies.

The two parties are stepping up financial backing to ease the digital divide in developing countries and exploring further cooperation in AI.

Chairman Hwang noted that the IFC is a core, long-standing partner in developing-world infrastructure and energy. He added that Eximbank will continue to serve as a financial bridgehead, actively supporting Korean companies to pave the way for global market entry

Hwang met with Tim Reid, CEO of UK Export Finance, on Oct. 15 to forge stronger financial ties and explore initiatives in the field of decarbonization, critical minerals and the defense industry.

BY LEE SO-YOUN [[email protected]]