South Korean Finance Minister Koo Yun-cheol announced Thursday the government would provide $6 billion in emergency financing support for major Middle Eastern project clients through the Export-Import Bank of Korea and Korea Trade Insurance Corporation. Koo also stated that Seoul aims to reduce dependence on any single country for economic-security items to below 50% by 2030.

The government linked the measures to heightened uncertainty surrounding Middle East tensions, shifting trade conditions and renewed concerns over global supply-chain vulnerability. The financing package comes one day after the successful transit of the HMM Universal Winnerthrough the Strait of Hormuz under an