South Korea to extend $5 billion credit line to Iran
Baku, Azerbaijan, May 3
By Khalid Kazimov - Trend:
Export Guarantee Fund of Iran (EGFI) and South Korea's Trade Insurance Corporation have signed a memorandum of understanding (MoU) for cooperation.
Young-hak Kim, the chairman of Korea Trade Insurance Corporation said that South Korea will extend a $5 billion credit line to Iran for launching special projects, Mehr news agency reported.
The move came as part of South Korean President Park Geun-hye's ongoing visit to Tehran for the expansion of bilateral ties.
Park Geun-hye arrived in Tehran with a large business delegation on May 1. Park Geun-hye is the first South Korean president who visits Iran.
During the three-day official visit, the two countries have discussed several deals worth billion dollars for cooperation in various fields.
Iran-South Korea trade turnover stood at $6.1 billion in 2015. The figure was $17.4 in 2011, before Western countries imposed sanctions against Iran.