The Export-Import Bank of Korea announced Sunday that it had obtained $100 million from the National Bank of Abu Dhabi in the United Arab Emirates.

Eximbank CEO Kim Yong-hwan and NBAD head Michael Tomalin signed the loan facility agreement on Friday in Tokyo, Japan. The contract was concluded in a favorable condition for Ex-Im Bank as international credit rating agencies including Moody’s and S&P recently upgraded their credit ratings for South Korea.

“We were able to down the interest rate an additional 20 basis points in the final stage of negotiations with NBAD by emphasizing that Moody’s upgraded Exim Bank’s credit rating from ‘A1’ to ‘Aa3,’” said an Eximbank spokesperson through a statement.

Eximbank has been forming close networks with investors in the Middle East and inking memorandums of understanding with important institutions there, especially since Kim took his post last year.

(claire@heraldcorp.com)