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Korea Herald
2 days ago
- Business
- Korea Herald
[Advertorial] Eximbank expands EDCF internship program with 44 new dispatches
The state-run Export-Import Bank of Korea said Thursday that it will dispatch 44 Korean interns to 10 developing countries as part of the Economic Development Cooperation Fund Global Internship Program. Launched in 2010, the program aims to nurture the next generation of international development cooperation specialists by sending domestic undergraduate and graduate students abroad. Participants will gain hands-on experience in every phase of EDCF projects, from consulting with local governments and international organizations to project management, field research and public outreach. This year's participants will be deployed in two groups to seven Asian countries — Vietnam, the Philippines, Indonesia, Cambodia, Sri Lanka, India and Uzbekistan — as well as two African nations, Tanzania and Ghana, and Colombia in South America. Before and after their overseas assignments, the interns will work for three months in Eximbank's EDCF-related departments, allowing them to understand project planning and implementation from a practical perspective. 'Through this internship program, I realized the significance of concessional loans in international development and was able to grow further,' said Park Jung-eun, who previously served at the National Children's Medical Center in Tashkent, Uzbekistan, and recently joined the bank as a full-time employee. Since its inception, the program has dispatched 485 young professionals, reinforcing the bank's commitment to building global talent for sustainable development.
Korea Herald
3 days ago
- Business
- Korea Herald
KEPCO attracts W5.5tr funding for Saudi energy projects
The state-run Korea Electric Power Corp. has finalized the initial funding phase for its upcoming energy projects in Saudi Arabia, according to the firm on Wednesday. It secured about 5.5 trillion won ($3.96 billion) in project financing through separate agreements for Saudi Arabia's Al Sadawi photovoltaic project and the Rumah-1 and Al Nairyah-1 independent power plant projects, which will play a pivotal role in supporting the kingdom's energy transition. 'KEPCO plans to continue expanding its overseas project portfolio, focusing on new energy sectors and cutting-edge technologies,' the firm said in a statement. The financing was structured as project finance, relying solely on the local project entities' profitability and creditworthiness, without guarantees from KEPCO. KEPCO attracted funding from major financiers, including the Export-Import Bank of Korea and other international commercial banks. In June, Korea's policy lender Eximbank said it would provide some $225 million in project finance for KEPCO's Al Sadawi solar project. This contract represents KEPCO's 22nd and 23rd projects executed through overseas project financing in collaboration with domestic export financing institutions, which shows KEPCO's expertise as a developer and operator of international power projects. Facilitated by the recent financial agreements, the ongoing groundwork for these projects is now poised to transition into full construction. The Al Sadawi solar project, awarded via an international tender in October, is a 2-gigawatt renewable energy initiative, the largest solar power project in the kingdom. Total investments exceeding $1.1 billion will see about 3.7 million solar panels installed across a desert area 14 times the size of Seoul's Yeouido, or roughly 39.6 square kilometers. KEPCO expects this project to generate revenue of some 540 billion won over its 25-year lifespan. The Rumah-1 and Al Nairyah-1 plants, granted in November, will have a combined capacity of 3.6GW, amounting to nearly 2.5 percent of the national grid's capacity. It is projected to bring in 4 trillion won over 25 years.
Korea Herald
6 days ago
- Business
- Korea Herald
Egypt lauds Korean support aligned with Vision 2030
Egyptian Ambassador to Korea Khaled Abdel Rahman lauded South Korea's development cooperation and investments that align with Egypt's Vision 2030, marking the 73rd anniversary of Egypt's National Day on Friday. The National Day, commemorated every July 23, celebrates the 1952 revolution that abolished the monarchy and established modern Egypt. As the country looks ahead, Vision 2030 serves as a blueprint to enhance the quality of life through justice, inclusion and civic participation. 'Complementing these investments, KOTRA, KOICA and the Export-Import Bank of Korea have supported Egypt's development through programs in green energy, digital transformation, vocational training and rural development — aligned with Egypt's Vision 2030,' said Rahman during a commemorative event in Seoul. He highlighted Egypt's $59 billion commitment to building a new smart city east of Cairo — integrating artificial intelligence, the internet of things, automated infrastructure and sustainable transport, expressing gratitude toward Samsung, LG, Hyundai Rotem, KHNP and Doosan, for investments in projects such as metro trains to the El-Dabaa nuclear power plant. 'The distance between the Pyramids of Giza and the palaces of Seoul may be great, but our aspirations converge,' Rahman noted. Egypt and Korea established diplomatic relations on April 13, 1995, evolving from cordial exchanges into a comprehensive cooperative partnership, significantly strengthened by Egyptian President Abdel Fattah el-Sissi's 2016 visit to Seoul and then-President Moon Jae-in's 2022 visit to Cairo. Meanwhile, Lee Tae-woo, Korea's Ambassador for International Cyber Cooperation, noted that bilateral trade surged from $500 million in 1995 to over $3 billion in 2023. Lee shared an Arabic saying, 'Al rafik kabl al tarik,' which means 'Choose your friend before choosing your path.' He added, 'With a good friend, even a tough road becomes enjoyable.' The event was attended by members of the diplomatic corps, embassy officials, foreign residents in Korea, Korean company executives, nongovernmental organizations and the media.
Korea Herald
22-06-2025
- Business
- Korea Herald
Eximbank holds workshop to strengthen Korea-Africa ties
The 30th Economic Development Cooperation Fund Workshop, hosted by the Export-Import Bank of Korea and the Ministry of Economy and Finance, commenced Tuesday, welcoming a total of 18 government officials from 10 African countries, according to the policy lender on Sunday. The EDCF is an aid loan funded by the Korean government, which offers long-term loans at a low interest rate to developing countries under an official development assistance initiative. Eximbank is in charge of running the fund. Through its annual workshop, the state-run lender invites public officials from the recipient countries, strengthening partnerships for the smooth operation of the financing aid. This year's workshop is a follow-up event to the first Korea-Africa summit held in Seoul last June, under the theme "The Future We Make Together: Shared Growth, Sustainability, and Solidarity." The 10 participating countries include Angola, Cote d'Ivoire, Egypt, Ethiopia, Ghana, Kenya, Mozambique, Rwanda, Tanzania and Uganda. 'The workshop provides an opportunity to gain a deeper understanding of EDCF's support strategy and cooperation plans for (countries in) Africa,' Dereje Wodajeneh, head of the bilateral cooperation department at Ethiopia's Ministry of Finance, said. 'It will serve as a stepping stone for strengthening exchanges and cooperation between EDCF and the African continent.' According to Eximbank, African countries account for roughly 25 percent of the total support volume for the EDCF. 'We plan to continue enhancing strategic support and cooperation with Africa, focusing on key areas such as energy transition, digital transformation and supply chain,' an official from the Eximbank said. Through the week-long event, which includes visits to the headquarters of Korea Railroad Corp. and the Global Knowledge Exchange and Development Center, the participating public officials are to broaden their understanding of Korea's official development assistance policy and the EDCF. The workshop is set to end on Wednesday.
Korea Herald
19-06-2025
- Automotive
- Korea Herald
Eximbank opens Warsaw office to aid Korean firms in Europe
The state-run Export-Import Bank of Korea has opened a representative office in the Polish capital of Warsaw to strengthen financial support for Korean companies operating across Central and Eastern Europe, the policy lender said Thursday. Launched at a ceremony Wednesday, the Warsaw office will serve as a regional base covering Poland, the Czech Republic, Slovakia, Hungary and Ukraine — markets that have become key production and export hubs for Korean firms in batteries, autos and electronics. The bank also aims to position the office as a frontline base for postwar reconstruction efforts in Ukraine. Eximbank Chairman Yoon Hee-sung led the launch event, joined by Korean Ambassador to Poland Tae Jun-youl and senior figures from Poland's state-run energy group Orlen, nuclear firm PEJ, development lender BGK and global banks including HSBC, ANZ and Citi. Yoon held separate meetings with Orlen to discuss financing for a large-scale plant project involving Korean contractors, and with BGK to explore joint export and investment support. 'Through the Warsaw office, we will respond more swiftly to local business needs and reinforce ties with major project owners,' Yoon said. Poland has recently become the most active buyer of South Korean defense equipment in the region, making it a key market for Korean arms makers. In sectors like defense and nuclear energy, often conducted as government-to-government deals, policy lender involvement is seen as a core competitive edge. Warsaw already hosts local units of Korean defense firms Hanwha Aerospace, Hyundai Rotem and Korea Aerospace Industries, along with tech and automotive conglomerates such as Samsung Electronics, LG Electronics, Hyundai Motor and Kia.
