Trade Insurance Corporation Provides 440 Billion KRW Export Financing for Nigeria LNG Plant

Mubo, First Case of Special Support for 'National Development Project'
Daewoo E&C Expected to Win 20 Trillion Won Out of 50 Trillion Won Project
80 Billion Won Special Financing for High-Risk, Low-Development Emerging Countries This Year

[Asia Economy Reporter Moon Chaeseok] Korea Trade Insurance Corporation (K-SURE) announced on the 30th that it will provide export financing worth $375 million (approximately 440 billion KRW) for the construction of a liquefied natural gas (LNG) plant in Nigeria, Africa.

Nigeria LNG (NLNG), a state-owned natural gas production and export company in Nigeria, will expand the 7th plant on the site of the existing LNG plants (units 1 to 6) on Bonny Island in the southern region.

This export financing draws attention as the first case of special support for the "National Development Project" promoted by K-SURE in line with the government's economic policy direction for this year.

K-SURE invests in national projects where there is high demand for national development due to post-war reconstruction and economic growth, but where it is difficult to raise funds due to high country risk.

It is part of a strategy to expand overseas orders for Korean companies experiencing a slump in contract awards.

K-SURE plans to provide a total of 800 billion KRW in special trade insurance support for "National Development Projects."

The EPC (Engineering, Procurement, and Construction) amount is about 5 trillion KRW, of which Daewoo E&C secured a plant construction project worth about 2 trillion KRW.

Lee In-ho, president of K-SURE, said, "Even if it is an unfamiliar and uncharted path, we will strengthen support for 'National Development Projects' so that our companies can boldly take on challenges without hesitation, leading to the discovery of alternative markets and overcoming the slump in contract awards."

This content was produced with the assistance of AI translation services.