Korea Eximbank chief meets IFC president ... “Cooperation on global supply chains”

[Financial News] Hwang Ki-yeon, president of Korea Eximbank, met with Makhtar Diop, president of the International Finance Corporation (IFC), on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Bangkok, Thailand.
On the 18th, Korea Eximbank said the two institutions discussed strategic financial cooperation at the meeting. The WBG is an international development finance institution that provides development funding and technical assistance, with the goal of eradicating poverty and promoting shared prosperity in developing countries around the world. The IFC is a WBG development finance institution that promotes private-sector investment in developing countries. It works to eradicate poverty and foster economic growth.
The two institutions spoke highly of the cooperative achievements they have built through large-scale projects in areas such as infrastructure and energy in developing countries. They agreed to further expand the scope of their cooperation. In particular, the two sides agreed to strengthen financial cooperation in strategic areas such as critical mineral supply chains and innovative and advanced industries in response to the restructuring of global supply chains and changes in industrial structures.
Korea Eximbank plans to link the WBG’s multilateral cooperation platforms and support mechanisms to help stabilize global supply chains and deepen cooperation across the critical minerals value chain. It will also expand joint financial support in innovative and advanced industries, including emerging eco-friendly industries and artificial intelligence (AI) and digital infrastructure.
In 2023, the WBG established the Global Supply Chain Strengthening Partnership (RISE) Fund. Since then, it has provided technical assistance and promoted investment to diversify critical mineral supply chains related to clean energy technologies and enhance their value in emerging and developing countries.
Korea Eximbank is also seeking new cooperation in AI and digital infrastructure. Both institutions are strengthening financial support for building AI ecosystems, including data centers, with the aims of closing the digital divide in developing countries and enabling emerging markets to participate in the AI era.
President Hwang said, “The IFC is an important development finance partner for Korea Eximbank, with which we have worked for many years in infrastructure and energy in developing countries.” He added, “Going forward, we will continue to serve as a financial bridgehead, actively supporting Korean companies’ overseas expansion in key areas such as critical mineral supply chains and innovative and advanced industries, through cooperation with global financial institutions, including the IFC.”
Meanwhile, President Hwang also met with Tim Reid, head of UK Export Finance (UKEF), on the 15th. The two sides discussed ways to expand financial cooperation in areas of shared interest, including the transition to decarbonization, critical mineral supply chains and defense.
[email protected] Park Moon-soo Reporter