The state-run Export-Import Bank of Korea said Wednesday it will provide local exporting companies with 74 trillion won ($69.8 billion) in lending and loan guarantees to help their overseas shipments.

Of the total, 50 trillion won will be provided in loans with the remaining 24 trillion won to be provided through guarantee, the policy lender said in a statement.

The fund is the largest yearly amount set aside by the policy lender, it said, adding that 60 percent of it will be extended in the first half of this year.

Eximbank said all small and medium enterprises will be allowed to apply for such loans.

The policy lender also said it will expand financing for overseas plant projects and other energy developments. It has set aside 5.5 trillion won and 2.1 trillion won for each type of businesses, respectively. (Yonhap News)