Korea Eximbank Strengthens Financial Cooperation with IFC on Critical Minerals and Advanced Industries

Discuss Cooperation on Sidelines of IMF-World Bank Annual Meetings in Bangkok

The Export-Import Bank of Korea said on October 18 that President Hwang Kiyeon had discussed ways to expand strategic financial cooperation with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), on the sidelines of the International Monetary Fund (IMF) and World Bank Group (WBG) Annual Meetings in Bangkok, Thailand.

The IFC is a member of the WBG that supports poverty reduction and economic growth by promoting private-sector investment in developing countries.

The two institutions recognized the achievements of their cooperation on major projects in developing countries, including infrastructure and energy, and agreed to expand their collaboration in response to changes in global supply chains and industrial structures. In particular, they agreed to strengthen financial cooperation in strategic areas such as critical mineral supply chains and innovative and advanced industries.

The Export-Import Bank of Korea plans to support the stabilization of global supply chains by linking its efforts with the WBG's multilateral cooperation platforms and support instruments, while strengthening cooperation across the critical minerals value chain. It also plans to expand joint financial support for innovative and advanced industries, including eco-friendly new industries and artificial intelligence (AI) and digital infrastructure. The two institutions have also strengthened financial support for building AI ecosystems, including data centers, with the aim of bridging the digital divide in developing countries and enabling emerging markets to participate in the AI industry.

President Hwang said, "The IFC is an important development finance partner with which the Export-Import Bank of Korea has cooperated for many years in infrastructure and energy in developing countries. We will continue to serve as a financial bridgehead that actively supports Korean companies' overseas expansion in key areas, including critical mineral supply chains and innovative and advanced industries, through coordination with global financial institutions such as the IFC."

Meanwhile, on October 15, President Hwang also met with Tim Reid, Chief Executive of UK Export Finance, to discuss ways to expand financial cooperation in areas of mutual interest to the two institutions, including the transition to decarbonization, critical mineral supply chains and the defense industry.

This content was produced with the assistance of AI translation services.