To Help Korean Companies Enter African Market
The Export-Import Bank of Korea announced on July 15 that it signed a relending agreement with a limit of US$100 million with the Eastern and Southern African Trade and Development Bank.
As a result of the agreement, the South Korean bank’s relending limit set in five African banks has increased to US$700 million.
Relending can be defined as a process in which domestic and foreign banks set a credit line and then the latter conducts financing within the limit for lending to a foreign company doing business with a domestic company.
The South Korean bank is planning to keep helping South Korean companies enter the African market by utilizing that type of lending. A web seminar on relending is scheduled for July 30 in this regard. The Embassy of the Republic of Korea in Kenya will host the one-hour video conference organized by the Export-Import Bank of Korea.