The state-run Export-Import Bank of Korea said Friday it has raised 40 billion Japanese yen ($484 million) by selling bonds in Japan to provide trade finance.

The so-called “Uridashi” bonds mature in four years and carry a fixed interest rate of 1.05 percent, the bank said in a statement.

Uridashi bonds are debts denominated in a non-Japanese foreign currency sold directly to Japanese retail investors.

Japanese brokerage Daiwa Securities Capital Markets arranged the debt issuance, the bank noted.

The proceeds will be spent to finance local companies’ overseas industrial projects and resources development, the Eximbank said.

“We will continue pushing to diversify overseas funding sources in order to support state-funded foreign projects including the construction of nuclear plants in the United Arab Emirates,” the bank added. 

(Yonhap News)