Korea EXIM Bank opens office in Sri Lanka
ECONOMYNEXT – The Export-Import Bank of Korea, an official export credit agency of the Republic of Korea, has opened their representative office in the Sri Lankan capital Colombo.
“This new presence comes in response to increased bilateral ties between the governments of Korea and Sri Lanka, in trade, foreign direct investment, development assistance, cultural affairs, and personnel exchanges,” a Korean embassy statement said.
Chairman of Korea Eximbank Duk-Hoon Lee said the bank will increase its financial support to the country in the coming years.
Korea Eximbank has supported economic infrastructure needs of Sri Lanka, specifically in the sectors of transport, water supply and vocational education and training, said Niroshan Perera, State Minister for National Policies and Economic Affairs.
The Export-Import Bank of Korea operates as an official export credit agency that provides financing for international trade and overseas investment, the statement said.
Since 1978, Korea Eximbank has provided 340 million US dollars for both trade between Sri Lanka and Korea and for Korean companies’ foreign direct investments in Sri Lanka.
Korea Eximbank also provides Official Development Assistance and up to 2015 disbursed 606 million dollars for 27 development projects in Sri Lanka.
Big projects include the improvement of the Hatton-Nuwara Eliya and Anuradhapura – Padeniya roads, the greater Galle and Ruhunupura water supply projects and the construction of the government administrative complex in Hambantota.
(Colombo/January 21, 2016)