The South Korean National Assembly’s Planning and Finance Committee approved on Friday an amendment to increase the Export-Import Bank of Korea’s (Korea Eximbank) legal capital limit from $11.3 billion (15 trillion won) to $18.8 billion (25 trillion won). This move aims to bolster the country’s defense industry by alleviating financial constraints on exporting companies, especially securing large-scale defense contracts.

Additionally, the committee passed a state guarantee for Supply Chain Stabilization Fund Bonds, set to be issued by Korea Eximbank, with an issuance limit of $3.8 billion (5 trillion won). These measures are intended to strengthen economic security and supply chain stabilization, with funds earmarked for critical economic security items and emergency support for companies affected by supply chain disruptions.