K-Sure provides $1.7 billion financing for Verizon's purchase of Samsung devices

SEOUL, December 18 (AJP) - Korea Trade Insurance Corp. (K-Sure) said on Thursday it will provide $1.7 billion in financing for a project under which Verizon Communications Inc., the largest telecommunications operator in the United States, will purchase mobile devices from Samsung Electronics.

Verizon, which K-Sure said has about 150 million subscribers and the largest share of the U.S. telecom market, will use the entire amount to buy Samsung-made communications devices, including smartphones and tablets.

K-Sure has offered so-called “device financing” to major telecom operators worldwide, linking financial support to purchases of South Korean products.

Earlier this year, the agency provided $700 million in financing to BCE Inc.’s Bell Canada, Canada’s largest telecom operator, to support purchases of South Korean communications devices. It also extended financing of 100 million euros to a major telecom operator in Poland in 2021 and 350 million euros to a major telecom operator in France in 2023, it said.

K-Sure President Jang Young-jin said the agency is expanding support for exports of consumer goods, including mobile and communications devices, as it moves beyond a strategy focused mainly on capital goods exports amid rising global protectionism.

“We will continue to broaden financing support for top-tier global buyers that choose South Korean products,” Jang said, adding that the goal is to strengthen the competitiveness of South Korean companies in overseas markets.