October 29, 2014

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation and Corporación de Fomento De la Producción Sign a Memorandum of Understanding

Tokyo, October 29, 2014 --- Sumitomo Mitsui Banking Corporation (SMBC, President and CEO: Takeshi Kunibe) signed a Memorandum of Understanding (MOU) on business cooperation with Corporación de Fomento De la Producción (“CORFO”, President: Luis Felipe Céspedes, Minister of Economy), a Chilean public corporation for industry development, on October 28, 2014. 

CORFO was created in 1939 to promote the development of Chilean economy and industries and, to this end, has been establishing and supporting major Chilean companies. Under the Chilean national energy policy (*), CORFO has been promoting the development and support of renewable energy projects and mining projects for copper and other minerals.

SMBC opened its Santiago Representative Office in Chile in May 2013, and has been providing a variety of financial services including project finance, corporate finance and trade finance.

Through this MOU framework, SMBC and CORFO will explore financing opportunities for  renewable energy and mining related projects, and seek alternative sources of financing for potential projects and corporate activities related to the development of Chilean industries.

Corporación de Fomento De la Producción profile, as of October 29, 2014:

- Founded in 1939

- Headquartered in Moneda 921, Santiago, Chile

* Chilean national energy policy:

The national energy policy for 2014 to 2018 was developed by the new Bachelet administration, which came into office in 2014, to enhance the promotion of renewable energy with  emphasis on the following.

1.       Promote the use of renewable energy

2.       Prioritize energy efficiency as a social policy

3.       Expand the use of non-conventional renewable energy

4.       Take a new approach to transmission expansion

5.       Enhance competitiveness in the electricity market

6.       Promote  multi-national transmission expansion