Miga and Kexim promote FDI in developing countries

The Multilateral Investment Guarantee Agency (Miga) and Korea Export-Import Bank (Kexim) have signed a memorandum of understanding to promote private sector investment in developing countries that are Miga members.

Miga executive vice-president Izumi Kobayashi and Kexim chairman and president Dongsoo Kim signed the memorandum at Miga’s Washington headquarters with the aim of strengthening cooperation between the two institutions in promoting foreign direct investment into developing countries, and to support Korean international investment.

The memorandum will also facilitate cooperation in specific projects that involve both Miga and Kexim, allowing the two institutions to work closely towards mitigating political or non-commercial risks in developing countries, among other things.

Kobayashi welcomes the expanding relationship between Miga and Kexim “Ensuring close and effective cooperation between international financial institutions is a key priority, especially as the economic recovery takes hold following nearly two years of economical turmoil. Kexim and Miga can facilitate job creation and future growth opportunities.”

Kexim want an increase in Korean firms’ oversees investment in developing countries, particularly in the development of natural resources and construction of infrastructure.

Kim says: “The strengthened cooperation with Miga will greatly facilitate the bank’s financial support for the overseas activities of Korean firms.”