A special guarantee program will be launched to provide up to 400 billion won ($272.4 million) in financing support to help the shipbuilding industry enhance its export competitiveness, the industry ministry said Friday. The program is aimed at offering low-interest loans to small and medium-sized suppliers of South Korean shipbuilding giant HD Hyundai Heavy Industries, according to the Ministry of Trade, Industry and Resources. To this end, HD Hyundai and Hana Bank will make a special contribution of a combined 28 billion won, which will be used by the state-run Korea Trade Insurance Corp. (K-Sure) to provide payment guarantees for up to 400 billion won worth of low-interest loans to the suppliers of HD Hyundai. K-SURE, HD Hyundai and Hana Bank held a cooperation agreement signing ceremony for the special program Friday in the southeastern city of Ulsan, home to major shipbuilding companies.
Seoul to provide 400 bil. won in financial support to shipbuilding industry
in News
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