Citi Korea provides K-SURE-backed financing for iMarketKorea’s US industrial complex project

Citibank Korea CEO Yoo Myung-soon, fourth from left, poses with officials of Korea Trade Insurance Corporation and iMarketKorea during a business cooperation signing ceremony at the bank’s headquarters, Friday. Courtesy of Citibank Korea

Citi Korea has partnered with the Korea Trade Insurance Corporation to support iMarketKorea’s industrial complex development project in the United States, aimed at helping Korean companies establish local production bases and expand their global operations, the lender said Tuesday.

Under the deal, Citi Korea acted as the sole coordinator for a $60 million syndicated loan, backed by K-SURE’s overseas project finance insurance program.

The financing is expected to help ease initial investment costs and mitigate financial risks for Korean companies preparing to establish manufacturing facilities and business operations in the U.S.

iMarketKorea, a B2B company providing maintenance, repair and operations services to corporate clients, plans to accelerate the development of an industrial complex in Taylor, Texas, using the funds.

The site is located near clusters of global semiconductor, electric vehicle and other advanced manufacturing companies, and demand is expected to grow from Korean firms seeking to secure production bases in the U.S.

A Citi Korea official said it has a long track record of working with K-SURE to support Korean companies as they build overseas production facilities and business hubs, adding that it will continue to leverage its global network and local financial expertise to support clients’ international expansion in a stable and sustainable manner.