Turkey: Türk Eximbank forms alliance with S Korea's KSURE

Source: Middle East Insurance Review | Nov 2017

Export Credit Bank of Turkey (Türk Eximbank) has signed a cooperation agreement with South Korea’s Trade Insurance Corporation KSURE.

The agreement, at the Berne Union Annual General Meeting held in early October, is aimed at increasing the bilateral cooperation between Türk Eximbank and KSURE, besides facilitating the exchange of views and sharing of information on existing and potential markets, economic, commercial, and legal issues.

Under the agreement, Turkish and South Korean companies will be supported by joint financing facilities such as credit, guarantee, counter-guarantee, joint insurance and reinsurance in future projects undertaken jointly in third countries. It will also allow Turkey and South Korea, for the first time, to participate in tenders through partnerships. The agreement will also facilitate the provision of a more flexible financing package.

In 2016, Turkey’s exports to South Korea totalled US$519 million and its imports from the country were recorded at $6.4 billion. The two countries have a free trade agreement, which was expanded in 2015 to include services and investments. M

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