Korea Eximbank to provide record $63B trade financing in 2011

Korean exporters will get a record 70 trillion won or US$63 billion support via loans and assurances form Korea Eximbank this year.

This is part of its drive to boost trade, its chief said.

"Eximbank aims to provide financing and assurances worth 70 trillion won this year in a bid to help the nation's annual trade volume exceed the US$2-trillion mark," said Export-Import Bank of Korea President and CEO Kim Yong-hwan.

Kim's remarks come after South Korea's trade volume topped $1 trillion in early December for the first time in history, joining eight other countries that have already achieved the milestone.

Around 45 trillion won is set to be provided via loans, while the remainder will be provided through assurances for companies in the shipbuilding and resource development industries, according to Kim.

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Tags: trade finance, loans, Eximbank, Korean exporters, Export-Import Bank of Korea, Korean banks