The Korea Trade Insurance Corporation, or K-Sure, on Thursday signed a reinsurance agreement with the Islamic Corporation for the Insurance of Investment and Export Credit(ICIEC) in Lisbon, Portugal.
Founded in 1994 to promote exports of 43 Islamic countries, the ICIEC is a subsidiary of the Islamic Development Bank.
Under the deal, K-Sure will provide export financing to South Korean companies that take part in projects in ICIEC member countries.
The Korean agency says it hopes the latest deal will lay the groundwork for South Korean firms to advance into the Islamic market.
Source: KBS World Radio