ABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ Korea

15/03/2019

ABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ KoreaABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ Korea
ABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ KoreaABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ Korea
ABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ KoreaABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ Korea
ABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ KoreaABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ Korea
ABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ KoreaABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ Korea
ABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ KoreaABA​ and​ Korea​ Eximbank​ sign​ agreement​ to​ boost​ trade​ finance​ between​ Cambodia​ and​ South​ Korea

March​ 14,​ 2019.​ Phnom​ Penh,​ Cambodia​ –​ ABA​ Bank​ and​ Export-Import​ Bank​ of​ Korea​ (Korea​ Eximbank),​ the​ official​ export​ credit​ agency​ of​ South​ Korea,​ today​ signed​ a​ partnership​ agreement​ between​ the​ two​ banks​ to​ provide​ L/C​ (Letter​ of​ Credit)​ Confirmation​ Facility​ to​ their​ customers.​ The​ Signing​ Ceremony​ took​ place​ in​ ABA’s​ Head​ Office​ and​ was​ presided​ over​ by​ Askhat​ Azhikhanov,​ CEO​ of​ ABA​ Bank,​ and​ Sung-Soo​ Eun,​ Chairman​ &​ President​ of​ Korea​ Eximbank.

In​ the​ partnership,​ customers​ can​ apply​ for​ ABA’s​ letter​ of​ credit,​ which​ is​ confirmed​ by​ Korea​ Eximbank,​ to​ facilitate​ their​ business​ activities​ with​ South​ Korean​ companies.​ The​ Agreement​ will​ also​ help​ build​ trust​ and​ confidence​ between​ South​ Korean​ and​ Cambodian​ traders​ in​ their​ business​ cooperation.​ The​ total​ amount​ of​ the​ Agreement​ is​ 10​ million​ USD.

Giving​ remarks​ at​ the​ ceremony,​ Askhat​ Azhikhanov​ said,​ “The​ collaboration​ between​ ABA​ Bank​ and​ Korea​ Eximbank​ provides​ a​ great​ facility​ to​ boost​ the​ business​ activities​ between​ Cambodia​ and​ South​ Korea.​ First,​ it​ makes​ the​ process​ for​ Cambodian​ companies​ to​ buy​ products​ from​ Korean​ companies​ easy​ and,​ most​ importantly,​ secure.​ Second,​ it​ helps​ us​ to​ maintain​ and​ develop​ relationship​ with​ Korean​ companies​ working​ here​ in​ Cambodia.”

Korea​ Eximbank​ is​ a​ well-recognized​ institution​ established​ to​ facilitate​ the​ development​ of​ Korea’s​ economy​ and​ enhance​ economic​ cooperation​ with​ foreign​ countries.​ The​ Bank’s​ primary​ services​ include​ export​ finance,​ trade​ finance,​ and​ guarantee​ program.​ The​ Bank​ also​ provides​ overseas​ investment​ credit,​ natural​ resources​ development​ credit,​ import​ credit​ and​ information​ services.

"Today's​ signing​ is​ very​ meaningful​ as​ it​ is​ the​ first​ credit​ facility​ signed​ between​ a​ Cambodian​ financial​ Institution​ and​ Korea​ Eximbank.​ This​ L/C​ Confirmation​ Facility​ Agreement​ represents​ a​ proactive​ approach​ to​ future​ increase​ in​ trade​ volume​ between​ our​ two​ countries,​ which​ will​ be​ realized​ as​ a​ result​ of​ economic​ development​ of​ Cambodia,"​ said​ Sung-Soo​ Eun,​ Chairman​ &​ President​ of​ Korea​ Eximbank.

From​ now​ on,​ customers​ of​ ABA​ Bank​ can​ apply​ for​ letters​ of​ credit​ with​ Korea​ Eximbank’s​ confirmation​ conveniently​ at​ any​ ABA​ Branch​ which​ is​ closed​ to​ their​ place​ of​ business.​ Both​ financial​ institutions​ also​ expressed​ desire​ to​ expand​ cooperation​ by​ providing​ other​ facilities​ to​ their​ clients​ in​ the​ future.​