The Export Import Bank of Korea (Kexim) has signed a memorandum of understanding (MoU) with the Kuwait Petroleum Corporation (KPC).
The agreement was signed in Seoul and will result in Kexim contributing US$5bn to finance capital projects for KPC in oil production, refining and transport, petrochemical industries and clean fuel projects.
It is the latest in a line of collaborations between Kexim and Kuwaiti organisations. In March 2013, it signed an MoU with Gulf Bank which led to the pair collaborating on trade finance projects
It also continues to mark Kexim’s role as arguably the most active ECA in the world, since the waylaying of US Exim took it out of the running. It has also been strengthening its stronghold on the GCC projects sector for years now, with Korean firms often awarded contracts for large industry-related builds.
Earlier this year, it signed an MoU with the Abu Dhabi Fund for Development (ADFD) which will see it collaborate in project financing across emerging economies. This followed a similar agreement last year inked with the Investment Corporation of Dubai which led to the pair exploring investment and export finance opportunities around the Middle East, Africa and Asia.
In addition, Kexim has in recent years paired up with JBIC of Japan, GIEK of Norwy and SEC of Sweden. Away from export credit agencies, it has MoUs in place with a host of commercial banks, including Société Générale.