South Korea lining up banks to help finance $22 billion arms sale to Poland

Reuters: South Korea is enlisting local banks to help Poland buy $22 billion worth of weapons as part of Seoul’s largest arms sale, sources said.

“Five local banks are considering a syndicated loan as a support measure” to help Poland finance the purchase of South Korean missile and artillery systems and fighter jets, a South Korean government official said.

Two representatives of a Korean defense company confirmed the loan plan. Two representatives of South Korean banks said there would be loans but did not specify the type. This is the first sign that Seoul is working to clear financial hurdles from Poland so that the two countries can conclude the largest arms deal in South Korean history, worth about 30 trillion won ($22.72 billion).

The talks are a continuation of a comprehensive arms agreement signed last year between the two countries under which South Korean companies including Hyundai Rotem and Hanwha Defense Systems will supply tanks, howitzers and fighter jets.

The entire article can be read at the link https://www.reuters.com/business/aerospace-defense/south-korea-lining-up-banks-help-finance-22-billion-arms-sale-poland-2023-11-03/