Singapore’s DBS Bank and the Korean Export and Import Bank (Kexim) have signed a memorandum of understanding (MOU) to increase their project finance collaboration.

Under the agreement, DBS and Kexim will exchange information and work together on infrastructure projects, as well as giving each other staff support. DBS says the MOU will help it assist its South Korean customers wanting to do business in Asia, as well as its Asian customers doing business with Korea.

Lim Wee Seng, head of project finance at DBS, says: “We have increasingly seen Korean companies investing in and exporting to markets in Asia. In the area of infrastructure development in Asia in particular, a significant number of Korean companies are involved as engineering, procurement and construction contractors, equipment suppliers as well as asset developers. In many of these opportunities, Kexim’s strong support and deep involvement have been crucial in ensuring the successful funding and implementation of these projects.”

Kexim’s senior executive director Ki-Sub Nam adds: “We expect to have greater opportunities to provide co-financing for project finance transactions as co-arrangers and co-advisors. I hope our two institutions will continue to explore new horizons for co-operation in various areas and further strengthen relationships.”