The state Export-Import Bank of Korea said on March 27 it has provided a payment guarantee for 70 million Singapore dollars ($51.73 million) worth of bonds issued by CJ Logistics’ unit in the country.
The payment guarantee was provided jointly with the Credit Guarantee and Investment Facility, a regional trust fund operated by the Asian Development Bank.
It marks the Korea Eximbank’s first joint project with the CGIF, which provides credit guarantees for bonds floated in those countries.
South Korea has a 14.2 percent stake in the CGIF through the Korea Eximbank in charge of providing financial support for export and import transactions.
CJ Logistics, the logistics arm of South Korea’s food and entertainment conglomerate CJ Group, said it is the company’s first float of overseas funds through its offshore subsidiary.
CJ Logistics’ Singaporean unit runs 27 operations in seven regional countries, including Malaysia, Indonesia, Vietnam, Thailand and Myanmar.
By Ram Garikipati and newswires (email@example.com)