US Exim Bank and Export-Import Bank of Korea (Kexim) have signed a joint financing framework agreement for US-manufactured cargo aircraft that will make it easier for South Korea’s airline companies to finance and purchase such aircraft.

Under the agreement, Exim can provide loan guarantees for up to 85% of the cost of Boeing cargo aircraft purchased by South Korean airlines, and Kexim can provide Exim a counter-guarantee for a portion of that amount. This financing agreement implements part of an agreement between US Ex-Im and Kexim signed in Seoul on February 10.

Kexim also recently inaugurated its new Washington, DC, office at 1300 L Street, NW.