Economy, Business And Markets

Korea Eximbank to Invest in Iran

Korea Eximbank to Invest in IranKorea Eximbank to Invest in Iran

South Korea’s export credit agency pledged on Thursday to provide financial support to domestic firms trying to secure business in Iran, as industrial countries jockey to enter the market after the nuclear deal, Reuters reported. The Export-Import Bank of Korea (Korea Eximbank) said in a statement it could offer project financing, loans and credit, and was also seeking to secure a memorandum of understanding with Tehran on building 10 hospitals in the country. “We can use our previous financial networks and experience lending and providing credits for major projects and effectively support firms entering the Iranian market,” it said in the statement. South Korea is one of the biggest buyers of Iranian crude and the bank said it could support Korean firms looking to secure a slice of $31 billion of gas and $25 billion of oil projects being offered by Iran this year. Iran is currently South Korea’s third-biggest export market in the Middle East. South Korean steel firm POSCO said on Wednesday that it had been in touch with several Iranian firms on potential business tie-ups.