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PRESS RELEASE

EDCF Provides USD 12.8 Million for Jordan's Research and Training Reactor Establishment Project

Date 2015.10.29

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The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-hoon, “Korea Eximbank”) announced on October 29 that it will provide an EDCF* financing of USD 12.8 million to support Jordan's Research and Training Reactor Project.

 

- The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges with the developing world and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit. As of September 2015, EDCF has committed over a total of KRW 12.4 trillion in loans for 340 projects in 52 countries.

 

Executive Director of Korea Eximbank Yim Seong-hyeog met with Imad N. Fakhoury, Minister of Planning and International Cooperation of Jordan, and signed the loan agreement for the project.

 

In 2010, EDCF provided a USD 70 million loan for Jordan's first ever research reactor project.

 

To meet the strengthened international standards on nuclear safety since the outbreak of the Fukushima nuclear accident in the aftermath of 2011 Japanese earthquake, EDCF will provide a supplementary loan to install additionally required equipment essential for Jordan's research and training reactor construction project.

 

This project is expected to pave the way for introducing world-class Korean nuclear reactors with competitive advantage in nuclear reactor technology and equipment areas to the region. It is also expected to have a positive impact on opening doors for Korean companies to win follow-up projects in the nuclear reactor sector.

 

After signing the loan agreement, Executive Director Yim said, "I hope that this EDCF project will help the two countries build lasting friendship and enhance economic cooperation." He added, "In an effort to promote mutual cooperation as discussed during the summit meeting in September, Korea Eximbank will build closer ties with the Jordanian government to finance more projects in a wider range of sectors."

 

In the meantime, Korea Eximbank plans to hold the completion ceremony for the Southern Amman Wastewater Treatment Project on October 29 (local time).

 

Harnessing outstanding technologies of Korean companies, the project constructed the wastewater treatment facility that covers the entire southern part of Jordan's capital Amman.

 

EDCF has provided a total of USD 52.9 million for the project.

 

It is expected that the project will greatly contribute to improving healthcare, sanitation, and living environment for the local residents and promote the improvement of agricultural productivity by reusing waste water for agricultural use.