SEOUL, April 1 (UPI) -- Korea Trade Insurance Corp., or K-Sure, said it would provide about $1 billion in pre-emptive financing to Romania's Ministry of Finance to support that country's defense exports.
The state-run organization said Romania plans to use the funds for government projects, with a primary focus on procuring defense equipment.
K-Sure said that the financing is contingent on the participation of South Korean companies in the resulting contracts.
The measure is expected to benefit several Korean corporations, which strive to tap into the Romanian defense market, including Hanwha Aerospace, Hyundai Rotem, and Korea Aerospace Industries, or KAI.
Hanwha Aerospace hopes to export its Redback infantry fighting vehicle, while Hyundai Rotem is promoting K2 battle tanks. KAI continues to promote the FA-50 light combat aircraft as a trainer.
