US Department of Agriculture guarantees Seoul Bank for $73 million

The US signals confidence in Asia by alloting $73 million in credit guarantees to Seoul bank to cover Korean importers of U.S. agricultural goods. Hong Kong and China too will be alloted $300 million.

The US Department of Agriculture USDA has authorized $73 million in credit guarantees for sales of US agricultural products to Korea, in anticipation of a bullish Korean economy.

The credit guarantee program is an initiative of the Commodity Credit Corporation CCC, USDA, which administers export credit guarantee programs for commercial financing of US agricultural exports. The programs, GSM-102 and GSM-103, aim at encouraging importers in countries where credit is necessary to maintain or increase US sales, but where financing may not available without a CCC guarantee.

The GSM programs work by underwriting credit extended by the private banking sector in the US to approved foreign banks that use US...

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