SEOUL, Republic of Korea, Dec. 1, 2011 /PRNewswire-Asia/ -- IFC, a member of the World Bank Group, has signed Memoranda of Understanding with the Export-Import Bank of Korea and Korea Finance Corporation to work with the two financial institutions to mitigate climate change, improve infrastructure, and foster investments from developing countries in other developing countries.
The agreements formalize longstanding relationships between IFC and Korea Eximbank and Korea Finance Corporation. IFC and Korea Eximbank have built a strong partnership through numerous joint investments in private sector projects in countries such as Pakistan, Peru, and India.
"More and more Korean companies are expanding into less developed countries, bringing much-needed technology, know-how, and capital to those countries," said Yong Hwan Kim, Chairman and President of Korea Eximbank. "IFC and Korea Eximbank have successfully cooperated on a number of projects in challenging markets, and we are keen to see more collaboration going forward."
"The partnership with IFC enables us to strengthen our position to promote climate-friendly industries, support small and medium enterprises, and boost infrastructure investment," said Young-wook Chin, President and CEO of Korea Finance Corporation. Earlier this year, Korea Finance Corporation was the development finance institution representing Korea for the first time at the Private Sector Development Institutions Roundtable during the World Bank Group Annual Meetings.
Since its first investment in Korea in 1968, when Korea was still a developing country, IFC has provided $941 million in funding to around 50 companies. IFC also played an active role in helping the country weather the 1998 Asian financial crisis. Korea today is member of the Organisation for Economic Co-operation and Development and a partner to IFC in providing financing and advice to the private sector in developing countries.
"Supporting sustainable South-South investments and knowledge transfer is a priority for IFC globally," said Lars Thunell, Executive Vice President and CEO of IFC. "Such investments tend to be more resilient to economic disruptions and shifts in global trade flows. We are keen to work with our Korean partners on projects that can generate growth and create opportunity where it's needed most."
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities -- all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org.
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