Korean banks to help Poland finance military modernisation
South Korean commercial and private banks have agreed to create a fund that will provide an additional USD 7.5 billion for Poland, a Korean deputy defence minister has announced.
Gen Sung Il told the Defence24.pl website that the money would provide extensive financing for industrial-defence cooperation between the two countries.
He said Seoul had already decided to extend a USD 10-billion credit line to Poland to implement Executive Contract 1 while for Executive Contracts 2 and 3, a new law paved the way for greater financial support from Korean bank Eximbank.
"Under the new law we can grant Poland loans to the tune of USD 8.5 billion," Sung told the site. "This means that the amount will be almost the same as in Executive Contract 1. I believe that this financial support and its availability may help in concluding the next contract and subsequent ones."
General Sung added that "Korean commercial and private banks have agreed to consolidate a certain type of fund that will ensure an additional USD 7.5 billion.
"So this is very extensive financing for the development of industrial-defence cooperation between our two countries," the deputy minister continued. "We are in a position to earmark that money for further programmes. So these are very good decisions from the point of view of our programmes' progress." (PAP)
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