WASHINGTON, March 7. /TASS/. The US International Development Finance Corporation (DFC) and the US Treasury are launching a ship reinsurance program in the Persian Gulf with coverage of up to $20 billion, the corporation said in a statement.

"DFC reinsurance facility will insure losses up to approximately $20 billion on a rolling basis," the statement reads.

The program aims to normalize shipments of oil, LNG, fertilizer, and other goods through the Strait of Hormuz amid escalation in the Middle East, DFC CEO Ben Black said.

"Working alongside CENTCOM, DFC coverage will offer a level of security no other policy can provide. We are confident that our reinsurance plan will get oil, gasoline, LNG, jet fuel, and fertilizer through the Strait of Hormuz and flowing again to the world," he noted.