Bankers sign deal to finance Kuwaiti projects
Gulf Bank, with The Export Import Bank of Korea (Korea Eximbank), signed a Memorandum of Understanding which aims at collaboratively financing the industrial and commercial projects in the state of Kuwait.
The signing ceremony took place in Seoul, South Korea, on the 28th of May 2013, and was attended by Mr. Khaled Al- Mutawa - Gulf Bank 's General Manager International Banking & Investments , Mr. Elie Nakouzi - Gulf Bank 's Assistant General Manager International Banking & Investments, and Mr. Byung-Chul Won - Director General Overseas Constructions Finance Office at Korea Eximbank.
"Under the MoU, Gulf Bank will cooperate with Korea Eximbank to assist and support the Korean companies in bidding for projects in Kuwait by providing them with the financial and advisory support," said a media statement.
"Gulf Bank 's MoU with Korea Eximbank reflects the Bank's commitment to support Korean business in the State of Kuwait and in return, the development of the Kuwaiti economy.
"Gulf Bank will jointly work with Korea Eximbank to provide financial solutions to Korean companies in Kuwait in order to facilitate their activities and further the level of activity between both leading institutions.
"The Export-Import Bank of Korea (Korea Eximbank) is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises in conducting overseas business. Since its establishment in 1976, the bank has actively supported Korea's export-led economy and facilitated economic cooperation with foreign countries. The bank also provides overseas investment credit, natural resources development credit, import credit, and information services related to business opportunities abroad," the statement concluded.
- Why is Jordan's inflation so high? These reasons may surprise you....
- The Middle East's lack of savings: a ticking time bomb?
- How a Middle Eastern bank fought off the global financial crisis and turned around
- The GCC's small businesses need to prepare themselves for bankcruptcy
- Why the World Bank is ill-prepared when it comes to dealing with the Middle East