The Export-Import Bank of Korea said Friday that it discussed with the suppliers of Hyundai Motor Co. in Russia’s Saint Petersburg ways to support them amid the European fiscal crisis.

The Korea Eximbank said it hosted a meeting with the chiefs of the local arms of Hyundai Motor and its suppliers at the carmaker’s Russian production line on Thursday.

“Cooperation between large and small companies is important for an overseas production cluster to succesfully settle down,” Kim Yong-hwan, chief executive of Eximbank, said during the meeting.

“The Eximbank will support (the cooperation) and spare no effort in helping small and medium-sized companies grow into global businesses.”

Under a program introduced last December to promote shared growth, the Eximbank offers some 1 trillion won ($888 million) in low-interest loans annually to SMEs that went abroad with large firms. The state-funded bank also inked a pact with Hyundai Motor in June to support its suppliers.

About 230 partner companies of Hyundai Motor operating in the U.S., China, India and Russia are saving about 3 billion won in annual borrowing costs thanks to the Eximbank loans provided at rates that are 0.5 percent lower.

To promote exports and overseas investment as part of efforts to tackle the eurozone fiscal crisis, the Eximbank has provided some 38 trillion won in loans in the first half of this year, or 6 trillion won more compared to a year ago.

Before the meeting on Thursday, Kim paid a visit to the local arm of a parts maker named Donghee in Hyundai Motor’s automotive component cluster in Russia to encourage the workers.

Donghee supplies fuel tanks to Hyundai Motor and operates with the carmaker also in the Czech Republic, Slovakia, China and Turkey.

By Kim So-hyun (sophie@heraldcorp.com)