The Export-Import Bank of Korea (Eximbank) has officially partnered with the Asian Development Bank (ADB), signing a memorandum of understanding to significantly bolster critical minerals projects and establish a crucial joint financing platform. This strategic alliance aims to strengthen global supply chains and ensure long-term resource security, the bank announced on Sunday.
Under this landmark agreement, Eximbank will commit a substantial $500 million by 2029 from its dedicated supply chain stabilization fund. This investment will directly support ADB’s innovative, newly launched Critical Minerals-to-Manufacturing Financing Partnership Facility, specifically targeting vital critical minerals projects throughout the expansive Asia-Pacific region.
The momentous deal was formalized by Eximbank President and CEO Hwang Ki-yeon and ADB President Masato Kanda. The signing took place on the sidelines of the prestigious ADB annual meeting held in Samarkand, Uzbekistan, underscoring the global importance of this **critical minerals partnership** for developing economies.
Beyond the initial commitment, Eximbank announced its intention to deploy a comprehensive suite of financing tools, including direct loans, guarantees, and strategic equity investments. The bank further plans to significantly expand its total support for critical minerals initiatives to an impressive $2 billion to $3 billion over time, solidifying its commitment to enhancing global supply chain stability.
Both Eximbank and ADB will collaboratively identify promising critical minerals projects within developing economies. Their joint efforts will span the entire critical minerals value chain, from upstream resource development to downstream manufacturing. To support higher-risk ventures, the institutions will meticulously structure comprehensive financing packages, combining loans, guarantees, and essential technical assistance tailored for project success.
Eximbank specifically stated its priority for projects that demonstrably contribute to stabilizing critical mineral supply chains. This includes facilitating opportunities for Korean companies to acquire strategic equity stakes or secure crucial long-term off-take agreements for key resources, reinforcing Korea’s economic security and industrial competitiveness.
“This agreement marks a pivotal moment, representing the first policy financing framework specifically designed to stabilize critical mineral supply chains through robust cooperation with a credible international institution,” stated Eximbank President Hwang Ki-yeon.
He further emphasized, “We are committed to working closely with ADB to actively support Korean companies’ strategic entry into **resource-rich developing markets** across the **Asia-Pacific**, particularly those regions currently lacking sufficient commercial infrastructure for **critical minerals development**.”
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