TEHRAN – The Export-Import Bank of South Korea (Korea Eximbank) said it could offer financing, worth $5 billion, on building hospitals and pharmaceutical centers in Iran.

Korea Eximbank signed a memorandum of understanding in Seoul with the Organization for Investment, Economic and Technical Assistance of Iran, the IRNA news agency reported on Monday.

South Korea’s export credit agency pledged to provide financial support to Korean firms trying to secure business in Iran, as industrial countries compete to enter the Iranian market after the nuclear deal.

The bank said before sanctions were in place it had offered financial support for industries such as construction and shipbuilding.

South Korea is one of the biggest buyers of Iranian crude and the bank said it could support Korean firms looking to secure a slice of $31 billion of gas and $25 billion of oil projects being offered by Iran this year.

Iran is currently South Korea’s third-biggest export market in the Middle East.

South Korea was the 13th leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2015, according to the Iran Customs Administration.       

Iran exported $429.61 million of non-oil goods to South Korea and imported $4.309 billion of non-oil goods from the country.