The Export-Import Bank of Korea (Korea Eximbank) announced on Feb. 22 that it has signed a memorandum of understanding (MOU) with Germany’s KfW IPEX-Bank (KfW IPEX) for cooperation in the field of advanced industries and supply chains.
KfW IPEX is a subsidiary fully owned by the German federal government-owned bank, Kreditanstalt für Wiederaufbau (KfW). It provides funding for overseas projects and export support for German and European companies.
On Feb. 21 (local time), Korea Eximbank President Yoon Hee-sung met with Dr. Velibor Marjanovic, a board member of KfW IPEX, at the KfW IPEX headquarters in Frankfurt, Germany, and signed the MOU.
Under this latest MOU, the two banks will jointly explore collaborative projects in areas such as advanced industries, decarbonization, and core supply chains, as well as jointly supporting financial initiatives in these fields.
With the signing of the MOU, it is expected that South Korean companies will have access to competitive financial support when pursuing electric vehicles and secondary batteries related supply chain projects, hydrogen and ammonia plant projects as well as projects related to advanced technologies such as renewable energy, hydrogen, and eco-friendly ships in overseas markets.
After signing the MOU on that day, President Yoon stated, “Utilizing Korea Eximbank’s global network, we will actively support joint responses to future strategic technologies and supply chains between South Korea and Germany, and contribute to securing South Korean companies’ competitiveness in emerging industries.”