1 of 2 | South Korean Ministry of Economy and Finance shows Finance Minister Koo Yun-cheol (L) shaking hands with Uzbek President Shavkat Mirziyoyev (R) in Samarkand, Uzbekistan, 03 May 2026 (issued 04 May 2026). The two leaders discussed bilateral economic cooperation on the sidelines of the ASEAN+3 Finance Ministers’ Meeting and the Asian Development Bank (ADB) annual meeting. Photo by ROK FINANCE MINISTRY / EPA
May 5 (Asia Today) — South Korea’s Korea Trade Insurance Corporation said Tuesday it signed a memorandum of understanding with the Asian Development Bank to jointly finance projects aimed at strengthening critical minerals supply chains.
The agreement was reached Saturday in Samarkand, Uzbekistan, during the lender’s 59th annual meeting. It forms part of the bank’s newly launched Critical Minerals-Manufacturing Finance Partnership.
The initiative is designed to help developing countries in the Asia-Pacific region move beyond exporting raw materials by supporting domestic processing, refining and manufacturing capabilities.
Under the deal, the Korean agency plans to provide up to $500 million (about 7.4 trillion won) in financing for projects involving processing and manufacturing of critical minerals, where South Korean firms hold a technological edge.
Officials said the funding is expected to help mobilize private investment abroad and support Korean companies in securing a stronger position within global value chains.
“The stable supply of critical minerals is directly tied to the survival of our industries,” said Jang Young-jin, president of the Korea Trade Insurance Corporation. “We will build a mutually beneficial model that supports the growth of developing countries while ensuring stable supply chains for Korean companies.”
— Reported by Asia Today; translated by UPI
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