The state-run policy lender Export-Import Bank of Korea said Wednesday it signed an agreement with five Chinese banks as part of efforts to help local companies win big overseas projects.

Under the deal, Eximbank will hold quarterly meetings with the five lenders to discuss co-financing plans for South Korean companies’ major projects in areas such as shipbuilding, plant construction, and corporate mergers and acquisitions, the policy lender said.

The five banks are the Bank of China, the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and the Bank of Communications.

“The agreement is expected to boost local firms’ overseas bids for massive projects as financing is becoming a key factor in winning big projects,” said a bank official.

As part of efforts to help local companies win overseas projects, Eximbank also plans to strengthen ties with Japanese commercial lenders.

The policy lender is scheduled to sign an agreement with three Japanese banks, including Sumitomo Mitsui Bank, on Feb. 20, it said. 

(Yonhap News)