MINISTER OF THE STATE IN THE MINISTRY OF STEEL (SHRI A. SAI PRATHAP)
(a)to(c): Yes, Madam. An MoU has been signed between the Steel Authority of India Limited (SAIL) and Korea
Export Insurance Corporation (KEIC) on 25th January, 2010. The MoU has been approved in the company as per
the delegated powers.
(d)&(e): KEIC is not a trading organization, but it is a Governmental agency of Republic of Korea that
promotes Korean Business entities, exports, overseas investments and other overseas businesses through
its diverse programmes including its insurance and guarantee products. KEIC functions along the lines
of the Export Credit and Guarantee Corporation (ECGC) in India.
Prior to signing of MoU, SAIL had approached KEIC to provide guarantee for arranging buyer’s credit at
competitive interest rates from international banks for financing Blast Furnace Project of IISCO Steel
Plant, SAIL under their expansion programme. The technology & equipment for Blast Furnace Project are
being supplied by POSCO, Korea.
(f)&(g): SAIL and KEIC, under the MoU have expressed their willingness to promote trade and/or investment
and other forms of economic cooperation among themselves in their respective activities. For import of
technology and equipment from Korea, SAIL will be able to get buyers’ credit at competitive interest
rates through the guarantee offered by KEIC to international banks.