K-sure signs pact with Citibank

Korea Trade Insurance Corp. (K-sure) has signed a business agreement with Citibank Korea to support Korean companies’ exports and overseas expansion, the state-run agency announced on recently.

Through this agreement, K-sure and Citibank will jointly support Korean companies’ exports of new industrial items such as green and digital products, materials, parts and equipment, and ESG-related products and overseas expansion.

Jointly the two companies will proactively discover projects eligible for support and financial demand from companies and provide low-interest mid- to long-term funds optimised for their business structures in a timely manner. Export and overseas projects eligible for joint support will also receive benefits such as better premium conditions for K-sure insurance policies and preferential treatments in Citibank’s loan interest rates and commissions.

K-sure believes that cooperation with Citibank will also contribute to the globalisation of the Korean New Deal objectives pursued by the Korean government. The Korean New Deal globalisation strategy is designed to support Korean company’s move into the global green and digital markets. K-sure will support the strategy with various financial and insurance support for Korean New Deal projects.

In particular, it is providing mid- to long-term finance to overseas blue-chip companies in the green and digital sectors on the premise of Korean companies’ participation in their projects. It is also expanding export insurance and guarantee support to exporters for the expansion of their production facilities and risk management.