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The Industrial Bank of Korea on Monday revealed plans to offer rescue loans to embattled South Korean firms operating in the Gaeseong Industrial Complex.
The IBK set aside a 100 billion won ($88 million) rescue loan fund for these companies to help them cover costs amid heightening inter-Korean tensions which have hindered regular operations. Pyongyang has blocked South Korean vehicles and workers from entering the inter-Korean industrial complex since last Wednesday.
Unable to provide materials, food and fuel, 18 of the 123 South Korean firms there have halted or will halt operation until Monday, according to the Unification Ministry.
The IBK said that all South Korean firms operating in the industrial complex are eligible for the loan.
Each firm can borrow up to 500 million won with a 1 percentage point interest rate reduction. The offer will last until tensions involving the Gaeseong complex are settled.
The bank added that troubled firms whose repayment is due this year will be granted a one-year moratorium.
(joowonc@heraldcorp.com)
The IBK set aside a 100 billion won ($88 million) rescue loan fund for these companies to help them cover costs amid heightening inter-Korean tensions which have hindered regular operations. Pyongyang has blocked South Korean vehicles and workers from entering the inter-Korean industrial complex since last Wednesday.
Unable to provide materials, food and fuel, 18 of the 123 South Korean firms there have halted or will halt operation until Monday, according to the Unification Ministry.
The IBK said that all South Korean firms operating in the industrial complex are eligible for the loan.
Each firm can borrow up to 500 million won with a 1 percentage point interest rate reduction. The offer will last until tensions involving the Gaeseong complex are settled.
The bank added that troubled firms whose repayment is due this year will be granted a one-year moratorium.
(joowonc@heraldcorp.com)
