Citi Korea has partnered with the Korea Trade Insurance Corporation (K-SURE) to support iMarketKorea's industrial complex project in the United States. The deal involves a $60 million syndicated loan to aid Korean companies in establishing local production bases. This initiative aims to reduce investment costs and financial risks for overseas expansion.
Citi Korea has collaborated with the Korea Trade Insurance Corporation (K-SURE) to provide financing for iMarketKorea's industrial complex development in the United States. The project seeks to assist Korean companies in setting up local production bases and broadening their global operations.
During a business cooperation signing ceremony held at the bank's headquarters on Friday, Citibank Korea CEO Yoo Myung-soon posed with officials from K-SURE and iMarketKorea. Announced on Tuesday, Citi Korea served as the sole coordinator for a $60 million syndicated loan, supported by K-SURE's overseas project finance insurance program.
The funding is anticipated to lower initial investment costs and alleviate financial risks for Korean firms establishing manufacturing facilities and operations in the US. iMarketKorea, a B2B provider of maintenance, repair, and operations (MRO) services to corporate clients, intends to speed up the development of the complex in Taylor, Texas, with these funds.
The site is situated near clusters of global semiconductor, electric vehicle, and advanced manufacturing companies, where demand is projected to rise from Korean businesses aiming to secure US production bases. A Citi Korea official stated that the bank has a long history of partnering with K-SURE to aid Korean companies in building overseas production facilities and business hubs, adding, "We will continue to leverage our global network and local financial expertise to support clients' international expansion in a stable and sustainable manner."
This partnership highlights ongoing efforts to facilitate Korean enterprises' entry into the US market and strengthen global supply chains.
