Poland Seeks $15B loan from South Korea to Fund Arms Purchase
The Polish government has requested a loan worth 20 trillion won ($15.6 billion) from South Korea to finance a major defense purchase.
The discussions are facing difficulties as Korean export credit agencies (ECAs) have limited support, The Korea Times reported.
"Unlike low-credit countries, Poland is expected to reliably repay the funds if a contract is established, The government's proactive financial support is desperately needed,” The Korea Times reported an official from the defense industry as saying.
In the first contract for K2 tanks and K9 self-propelled artillery units, Poland obtained a loan from South Korea covering 70 percent of the cost of the order. This loan is estimated at 12 trillion won ($ 9.4 billion).
The South Korean government opposed additional financing options for this contract as it was not deemed beneficial due to the localization of production in Poland and the transfer of Korean technologies.
Keel Laid For Poland's First Signal Intelligence Warship
Poland Orders Two Saab Early Warning Aircraft
Poland to buy 96 Apache Helicopters, Launches Black Hawk Tender
Germany May Withdraw from Deal with Poland to Repair Ukraine-damaged Leopard Tanks
Romania Confirms Purchase of 32 F-35 Fighter Jets
Russia Launches Powerful ICBM at Ukraine’s Dnipro in First Recorded Combat Use...
General Atomics Completes Qualification Test for New 200-Horsepower Engine for Gray Eagle...
U.S. Army, Lockheed Martin Conduct Double Test of Precision Strike Missile
Russian Su-57 and Chinese J-20 as Alternatives to the American F-35 Stealth Fighter
As the Russian Su-57 stealth fighter jet enters serial production, the debate over how it stacks up against the American...
NATO’s Intensified Exercises a Prep to Attack Russia?
Recent NATO exercises such as the BALTOPS-24, Steadfast Defender 2024 and its first-ever Basic Fighter Maneuvers exercise have been its...
Precision in the Skies: The Evolution of Loitering Munitions
Loitering munitions - drones that hover over a target and blow up near it - have become the weapon of...
Is the Patriot Air Defense System Outdated?
After Israel revealed its decision to decommission its U
Russia's Growing Influence in Africa: Arms Sales and Military Bases
Russia's expanding influence in Africa, demonstrated by arms sales, military deployments, and diplomatic engagements, reflects a significant geopolitical shift on...