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Abu Dhabi loans deal with S. Korea

Korea Trade Insurance Corporation (K-sure) and the national Bank of abu dhabi have signed a Memorandum of Understanding to arrange trade and project financing loans to south Korean companies that have secured export insurance coverage from K-sure.

K-sure was founded by the Korean government in 1992 to operate export and import insurance programmes for the purpose of facilitating global trade. It covered 22.9 per cent of the total exports of Korea in 2010.

It now plans to help improve the competitiveness of south Korean companies hoping to secure future industrial plant and other construction orders in the Middle east.

“We are keen on selecting only the best in class partners and very pleased to be cooperating with K-sure to further boost trade and economic ties between south Korea and the Uae as well as other countries in the Middle east,” said Mark Yassin, senior general manager, corporate and investment division, at the national Bank of abu dhabi.

He added that the bank was committed to the development and progress of abu dhabi and the achievement of abu dhabi Vision 2030, the blueprint of sustainable growth in the emirates. “Therefore, we are looking forward to strengthening our partnerships to facilitate strategic programmes that are essential in realising the Vision.”

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