Apple Inc. signed a five-year deal with Korean LG Display Co. for the distribution of Liquid Crystal Display panels.

LG Display has made a long-term agreement to supply a massive amount of LCD to Apple in the face of uneasy condition of foreign capital inflow amid the global economic downturn, the company said, according to Dow Jones news agency.

According to LG Display, the second largest maker of LCD screens in the world, Apple will receive a $500 million long-term payment this month.