The Export-Import Bank of Korea said Wednesday it has allocated loans and guarantees worth 75 trillion won ($62.5 billion) in 2016 amid the sluggish global economy, vowing strong support for the nation’s future growth engines.
The official export credit agency increased its allocation for corporate loans and investment by 1 trillion won from the previous year to boost liquidity among promising exporters, bank officials said.
Of the total, the agency plans to inject 3.5 trillion won for promising businesses in the services sector, such as medical service and cultural contents, up 1 trillion won from the previous year. These industries have high potential for export, job creation and convergence with multiple sectors, it said.
Korea Eximbank chief Lee Duk-hoon (center) attends a meeting with a group of CEOs of major companies in Seoul on Tuesday. (Korea Eximbank)
The Korea Eximbank also said it will increase funds for the top five industries for export, such as information and communications technology, automobile and machinery. It set aside 15 trillion won for these industries, up 4 trillion won from the previous year.
In addition, the agency vowed to increase funding support for certain rising export-oriented industries, such as cosmetics, secondary cell, light-emitting diode and smart grid. This is part of the Korea Eximbank’s support for fostering new future growth engines and diversifying the export portfolio, it said.
By Chung Joo-won (email@example.com