Export-Import Bank of Korea
|Headquarters||Seoul, South Korea|
|Yong Hwan Kim, CEO|
The bank was first established in 1976. Its primary purpose is to support South Korea's export-led economy by providing loans, financing mega projects and thereby facilitating economic cooperation with other countries.
The bank manages the following government funds:
- Economic Development Cooperation Fund (EDCF): The EDCF evaluates and implements aid projects in developing countries.
- Inter-Korean Cooperation Fund (IKCF): The IKCF oversees an economic cooperation program with North Korea and serves as a clearing settlement bank with the Foreign Trade Bank of North Korea.
On January 6, 2013, the bank announced its decision to provide loans and credit guarantees worth US$917 million to entertainment and food firms over the next three years to promote the spread of the Korean wave in foreign countries. A spokesman representing the bank told reporters that K-pop, Korean dramas, as well as traditional Korean cuisine have huge growth potential, and that exporters of such cultural content deserve more investment and financial support.