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Korea Eximbank to slash corporate funding amid slow exports

Export-Import Bank of Korea in 2017 will reduce its total corporate funding by 11% year over year given the slowing loan demand amid sluggish exports, The Korea Herald reported Jan. 23, citing the bank's chairman and president, Lee Duk-hoon.

The state-owned bank will allocate 67 trillion South Korean won in credit for companies, allotting 53 trillion won to loans and 14 trillion won to guarantees, Lee said.

While the budget is smaller, the lender will increase the portion of support for new growth engines, including service, new energy, information and communication technology, by 44% year over year to 6.5 trillion won, Lee said. He added that the lender will also increase loans to small and medium-sized enterprises by 2 trillion won to 26 trillion won.

The South Korean government is considering recategorizing Korea Eximbank and two other state-owned lenders as "public enterprises" in a bid to increase supervision on the companies.

As of Jan. 23, US$1 was equivalent to 1,165.93 South Korean won.