South Korea's export credit bank and the Far East Development Fund (FEFD) could provide up to $2 billion for projects in Russia's Far East in the next three years.
They have signed a contract of intent at the Eastern Economic Forum in Vladivostok, according to the FEFD.
“The development of international cooperation is one of the priorities of the fund. The partnership with the Export-Import Bank of Korea will give a new impetus to the development of Russian-Korean economic cooperation. We will strive to use the fund's resources as a lever to attract the maximum amount of private Russian and foreign capital to priority projects,” said the fund’s general director Alexey Chekunkov.
The joint projects will reportedly include transport infrastructure, shipbuilding, energy, and tourism.
The Korean bank is going to take part in the projects via equity investments, loans, and guarantees for Korean corporations, which will invest in the development of enterprises in Russia's Far East.