IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Outflow (subsidised)

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 03 May 2016 | Removal date: open ended
Still in force

Trade finance

The Recognition of the Framework Agreement between Korea Eximbank and the Iranian Central Bank has a value of EUR 8 billion (USD 9.2 billion). The agreement purpose is to facilitate the increase of Korean companies' participation in projects in Iran. The agreement is notably part of a larger financing package to support projects in Iran totalling USD 15 billion.

In this context,  the Eximbank's Chairman Lee stated: "Korea Eximbank is committed to cooperating with Iran to carry out its high priority projects in medical, infrastructure, water treatment, power generation, oil & gas, shipping and steel industries by facilitating Korean companies' participation through the Recognition of the Framework Agreement." He added, "We will make every effort to develop pipeline projects and increase Korean companies' participation in projects in Iran."

The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

541 General construction services of buildings
542 General construction services of civil engineering works
691 Electricity & gas distribution (on own account)
863 Support services to electricity, gas & water distribution

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