Just as most industrialized countries utilize export credit insurance and financing programs to promote exports, the more advanced developing countries such as Korea are using these methods as well in their drive to accelerate development. Korea's emergence as a source of export credit insurance and financing is reflected in two recent events. The first was the establishment of an Export-Import Bank (Eximbank) on July 1, 1976 and the other was the agency's acceptance a year later as a member of the Berne Union, the international grouping of official export credit insurance agencies from 27 countries. This paper, consequently, examines Korea's Eximbank services in light of its growing industrialization and its need for financing essential imports and exports. The paper discusses the bank's particular organizational structure with an emphasis on its export credit financing and insurance programs. From the available evidence, it appears that the Korean Eximbank is achieving its twin objectives of providing financial incentives to diversify the export product mix and the geographic destination of Korean exports. On a broader scale, the establishment of the Korea Eximbank also marks an important point in the evolution of developing countries.