Korean bank enters movie biz
EmptySEOUL ? The Export-Import Bank of Korea is moving into the movie business, the Korean government announced Monday, as part of a general shift into the service sector.
The Ministry of Finance and Economy said that its proposed bill would allow the Exim Bank to finance exports in film, television, software and legal services. The Exim Bank previously was allowed only to finance commodity exports.
The bill comes amidst concerns about South Korea's growing service account deficit. Korea's service account deficit hit $18.8 billion last year, up nearly 40% from the year before.
The Export-Import Bank of Korea is slated to increase its loans and debt payment guarantees to a record $34.76 billion in 2007, up 5.7% from last year.