Korean ECA supplies 60 million Euro credit to Cuba

(Business Korea, Seoul, 12 February 2015) The Korea Trade Insurance Corporation (K-sure) has signed an MOU for credit offering with the Central Bank of Cuba. The agreement is for the corporation to provide trade insurance of up to 60 million euros for Korean companies exporting their products to Cuba. The central bank is going to issue approvals for the letters of credit opened for import settlements. Prior to the agreement, guarantee had to be provided by a third-party bank in any credit transaction with Cuba, which required time and effort.