Officials of NBAD and K-sure during the signing ceremony
Korea Trade Insurance Corporation (K-sure) and the National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, signed a Memorandum of Understanding (MoU) to arrange trade and project financing loans to South Korean companies that have secured export insurance coverage from K-sure.
The signing ceremony was attended by Mr. Mark Yassin, Senior General Manager, Corporate and Investment Banking Division of NBAD and Mr. Ryu Chang Moo, Chairman and President of K-sure.
K-sure was founded by the Korean government in 1992 to operate export and import insurance programs for the purpose of facilitating global trade. They covered 22.9% of the total exports of Korea in 2010, meeting demand from clients ranging from domestic large and small/medium businesses to foreign and domestic financial institutions.
The MoU between NBAD and K-sure will effectively improve the competitiveness of South Korean companies that are looking 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 of NBAD's Corporate and Investment Banking Division.
“NBAD is 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 strengthen our partnerships to facilitate strategic programmes that are essential in realising Abu Dhabi Vision 2030.”
South Korea is aiming to raise its trade volume to over US$1 trillion this year from US$892.6 billion reached in 2010, with related insurance protection expected to play an important role in promoting exports and imports.
K-sure pledged to provide around 200 trillion won worth of trade-related insurance coverage this year.