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Bank Gospodarstwa KrajowegoPoland's development bank signs agreement with Korean institutions for USD 5 bln guarantee
Poland's state development bank BGK has signed an agreement with Korean development institutions for guarantee facilities of at least USD 5 billion, BGK announced in a statement.
"BGK has signed an agreement for guarantees and credit insurance for an amount of min. USD 5 billion. The Korean side is represented by the Export-Import Bank of Korea (K-EXIM) and the Korea Trade Insurance Corporation (K-SURE)," BGK stated.
"According to the agreement, the Korean development institutions, in addition to some direct financing, will provide support in the form of guarantees and insurance for the financing that BGK will raise for the Armed Forces Support Fund," it added.
As Poland's development bank pointed out, the financing, through the KEXIM guarantee and KSURE insurance, will replenish the Armed Forces Support Fund and allow the implementation of the Armament Agency's contract with Hyundai Rotem.
On Friday, the Armed Forces Agency signed a contract with Hyundai Rotem Company for the delivery of 180 K2 tanks between 2026 and 2030, worth approximately USD 6.5 billion.
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