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IDC, Korea Eximbank ink alliance deal

IDC, Korea Eximbank ink alliance deal
The Investment Corporation of Dubai (ICD) yesterday signed a memorandum of understanding (MoU) with the Export-Import Bank of Korea (Korea Eximbank), according to statement issued by the bank on Monday, adding that this deal aims to find ways and places to invest the region's oil money.

"Under the partnership, Korean companies are expected to benefit from the agreement when they enter the Dubai market and do businesses there," the statement said, noting that Exim Bank and ICD are seeking investment opportunities in the fields of healthcare, the Korean Wave, infrastructure and energy initially in the Middle East. Moreover, going forward, they also aim to advance to Northeast Asia, Central Asia and Africa as investment partners.

This agreement is the first of its kind in the Middle East for South Korea’s Exim Bank. Such a partnership became possible after the government revised the laws for the state-run bank last year, the bank said.