November 27, 2024

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From left: Export-Import Bank of Korea President Yoon Hee-sung, US International Development Finance Corporation CEO Scott Nathan, and Tanimoto Masayuki, senior managing director of the Japan Bank of International Cooperation, pose for a photo after signing a trilateral partnership at the DFC headquarters' in Washington, Friday. (Export-Import Bank of Korea)

The state-run Export-Import Bank of Korea said Sunday that it inked a new partnership deal with US and Japanese financial institutions to bolster ties between the three nations, an outcome of last week’s trilateral summit talks.

The Eximbank said it signed a trilateral memorandum of understanding with the US International Development Finance Corporation and the Japan Bank of International Cooperation at the US institution’s headquarters in Washington, Friday. The signing ceremony was attended by top executives of the institutions, including Eximbank President Yoon Hee-sung, DFC CEO Scott Nathan and JBIC’s Senior Managing Director Tanimoto Masayuki.

The US DFC, founded in 2019, provides loans and financial support for private sectors in developing countries. The JBIC has served as Japan’s export credit agency dedicated to financing the export industry and its overseas projects.

The latest partnership was signed on the sidelines of Friday’s trilateral summit talks held between South Korean President Yoon Suk Yeol, US President Joe Biden, and Japanese Prime Minister Fumio Kishida, at the Camp David presidential retreat in Maryland.

The three institutions will work together to better support businesses and discover new opportunities in diverse areas including infrastructure development, carbon neutrality and supply chain management with a strategic focus on the Indo-Pacific region.

“The trilateral memorandum is an extension of the bilateral partnership signed in June with the JBIC,” Eximbank President Yoon said during the signing event.

“With the new partnership with the DFC of the US, our role as a development finance institution -- together with our global network -- will be further enhanced.”

By Song Jung-hyun  (junghyun792@heraldcorp.com)