South Korea's state-run trade insurer said Tuesday it has signed a memorandum of understanding (MOU) to set up a formal credit line and payment guarantee arrangement with Cuba that will allow local companies to trade with the Caribbean nation.
Under the deal reached in Havana, the Korea Trade Insurance Corp. (K-sure) will provide 60 million euros (US$67.9 million) worth of credit line to the Banco Central de Cuba (BCC) and the Banco Exterior de Cuba (BEC), and establish a payment insurance arrangement.