The Bulgarian Development Bank (BDB) and the Export-Import Bank of Korea (Korea Exim Bank) has signed a permanent cooperation agreement.
The aim of the agreement is to encourage and promote investment and trade between Bulgaria and the Republic of Korea.
The document was signed by the CEOs of BDB, Dimitar Dimitrov and Sasho Chakalski, and the President and Chairman of the Korea Exim Bank, Dongsoo Kim.
The two banks have agreed to finance projects to together and to work to boost the bilateral economic ties.
In 2009, the Bulgaria-South Korea trade amounted to USD 98.4 M, of which Bulgaria's export to Korea was BGN 30.6 M, and its import was USD 67.8 M.
The Korea Exim Bank is South Korea's official crediting agency, which supports export deals with a big potential for growth. According to the BDB statement, one of the main goals of the Korea Exim Bank is to support Korean enterprises and business operations in Europe, as well as to back organizations whose operations are connected with Korean companies.
The Bulgarian Development Bank is a state financial institution whose majority owner is the Finance Ministry.
In addition to the agreement that it signed with Korea's Export-Import Bank, in 2010 so far the BDB signed similar agreements with the Macedonian Development Bank, the Turkish Industrial Development Bank, and the Croatian Bank for Reconstruction and Development.
The BDB has attracted over BGN 500 M in credit lines from foreign financial institutions without state guarantees.