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South Korea, Far East Development Fund to invest up to $2 bln in projects in Russia

The parties signed an agreement at the Eastern Economic Forum

MOSCOW, September 6. /TASS/. The Export-Import Bank of Korea together with the Far East Development Fund (FEFD) may invest up to $2 bln in projects in the Far East in the next three years. The parties expressed such intentions by signing an agreement at the Eastern Economic Forum, the press service of the fund reported.

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Russia hopes for close cooperation with new South Korean leadership

"The development of international cooperation is one of the priorities of the fund. The partnership with the Export-Import Bank of Korea will give a new impetus to the development of Russian-Korean economic cooperation. We will strive to using the fund's resources as a lever to attract the maximum amount of private Russian and foreign capital to priority projects," the fund’s general director Alexey Chekunkov said as quoted by the fund’s press service.

South Korea and the FEDF are considering projects in transport infrastructure, industries, shipbuilding, energy, tourism and other areas. The Export-Import Bank of Korea plans to participate in the projects through equity investments, loans and guarantees for Korean companies that will invest in the development of projects in the Far East.

The Third Eastern Economic Forum is now being held in Vladivostok, Russia’s Far East.

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