K-SURE Plans Up to $500 Million in Financing for Processing and Manufacturing Projects in Asia-Pacific Countries
On May 3, K-SURE President Jang Young-jin (right) takes a commemorative photo after signing the MOU with Asian Development Bank President Masato Kanda at the ADB Annual Meeting held in Samarkand, Uzbekistan. [Provided by Korea Trade Insurance Corporation]
Korea Trade Insurance Corporation (K-SURE) announced on May 3 that it signed a memorandum of understanding (MOU) on ‘joint financial support for the establishment of a critical mineral supply chain’ with the Asian Development Bank (ADB) at the 59th ADB Annual Meeting held in Samarkand, Uzbekistan.
This agreement is part of the ‘Critical Minerals-Manufacturing Financial Partnership’ newly introduced by the ADB, and focuses on providing financial support to developing countries in the Asia-Pacific region so that they can process, refine, and manufacture within their own countries, rather than merely exporting raw materials.
K-SURE plans to provide up to $500 million (about 738.5 billion won) in financing for projects in the critical mineral processing and manufacturing sectors where Korean companies hold a technological edge.
“Securing critical minerals is an issue directly connected to the survival of our industry,” K-SURE President Jang Young-jin stated. “We will build a win-win model that helps the growth of developing countries while securing a stable supply chain for our companies.”
Jung Suk-yee
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