Korea Eximbank donates 350 million won to foster social enterprises, help the vulnerable.

Eximbank CEO Bang Moon-kyu, right, poses for a photo after donating 350 million won at the bank's headquarters on Yeouido in Seoul, Wednesday. Courtesy of Korea Eximbank

By Lee Kyung-min

The Export-Import Bank of Korea (Korea Eximbank) said Thursday that it has donated 350 million won ($317,000) to Band Foundation, to foster “social enterprises” that prioritize creating jobs for low-income earners and strengthening social services. Korea Eximbank CEO Bang Moon-kyu delivered the funds to the foundation, Wednesday.

Of the donations, 200 million won will be used to finance 12 social enterprises that hire women who are marriage migrants. The funds will be given to firms that help advance fair trade.

The remaining 150 million won will be used to pay and train 20 “new” members of society, including marriage migrant women and North Korean defectors.

“I understand that social enterprises and the socially vulnerable are undergoing great difficulties due to the COVID-19 pandemic,” Bang said. “We as a state policy lender will continue to pay attention and efforts to keep them from losing hope.”

The state lender has spent a total of 1.38 billion won from 2016 to 2020 to help the vulnerable.

This is the latest social contribution effort undertaken by the Korea Eximbank, about seven months after it donated 350 million won to provide Korean coronavirus test kits and medical emergency supplies to developing countries in cooperation with Korea Foundation for International Healthcare.

The supplies were provided to countries in Africa among others including Laos, Cambodia, Ghana, Tanzania and Ethiopia, the countries that receive aid through the Economic Development Cooperation Fund (EDCF) which was set up in 1987 to provide economic assistance to developing countries.

The EDCF is managed by the bank with the funds used for providing economic assistance to developing countries, mostly through granting long-term loans at cheap rates, helped further by economic exchanges with other countries.