South Korea, ADB sign pact to finance critical minerals supply chains
South Korea's Korea Trade Insurance Corporation signed a memorandum of understanding with the Asian Development Bank to finance projects strengthening critical minerals supply chains. The Korean agency plans to provide up to $500 million in financing for projects involving processing and manufacturing of critical minerals.
South Korea's Korea Trade Insurance Corporation signed a memorandum of understanding with the Asian Development Bank on Saturday in Samarkand, Uzbekistan. The agreement is part of the bank's Critical Minerals-Manufacturing Finance Partnership, launched to help developing countries in the Asia-Pacific region develop domestic processing and manufacturing capabilities. The Korean agency will provide up to $500 million in financing for critical minerals projects where South Korean firms have a technological edge. The funding aims to mobilize private investment abroad and support Korean companies in securing a stronger global position. The initiative is expected to help ensure a stable supply of critical minerals for Korean industries.
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