Eximbank of Korea Signed Consulting Contract with ADFD of UAE

The Export-Import Bank ((Eximbank) of Korea announced on March 26 that it signed a consulting contract and a memorandum of understanding (MOU) on March 25 with the Abu Dhabi Fund for Development (ADFD) of the United Arab Emirates (UAE).

The consulting contract is to establish an export finance system and the MOU is for more cooperative financing for development projects in developing countries.

The signing ceremony at the ADFD headquarters located in Abu Dhabi was attended by Eun Sung-soo, Chairman of the Export-Import Bank of Korea, Mohammad Saif Al Suwaidi, Director General of the ADFD, etc. The two organizations are going to further their cooperation for cooperative financing, development experience sharing, and knowledge sharing based on the MOU.

At present, the UAE government is working on industrial diversification based on an increase in non-oil exports. In this regard, the ADFD asked the South Korean bank two months ago to provide consulting related to export support system establishment and management. In accordance with the contract, the bank is going to provide policy advice, training and so on so that the UAE’s export policy can be effectively supported.