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Korea reportedly hikes shipyard financing support
South Korea has expanded financing support for its struggling shipbuilders by $3.5 billion for this year, Seoul's Yonhap news agency reported Sunday, citing a Financial Services Commission official.
The additional loans will be available starting Monday at two state-run lenders-Korea Finance Corp. and Korea Development Bank-and five commercial banks, including Kookmin Bank, Yonhap said.
"The seven financial institutions are expected to provide a total of four trillion won ($3.53 billion) in manufacturing financing" for shipbuilders, Yoon Chang-ho, an FSC director for industrial financing, told Yonhap.
The additional financing plan for local shipyards is on top of the country's existing KRW3.5 trillion in such loans available, Yonhap said.
Calls to the FSC spokesman's office by Dow Jones Newswires weren't immediately answered Sunday.
South Korean shipyards, whose major clients are largely from Europe, are suffering a severe business setback as the European debt crisis drags on. Clients in Europe have had problems securing financing.
Source: Market Watch Next articleBack to list
The additional loans will be available starting Monday at two state-run lenders-Korea Finance Corp. and Korea Development Bank-and five commercial banks, including Kookmin Bank, Yonhap said.
"The seven financial institutions are expected to provide a total of four trillion won ($3.53 billion) in manufacturing financing" for shipbuilders, Yoon Chang-ho, an FSC director for industrial financing, told Yonhap.
The additional financing plan for local shipyards is on top of the country's existing KRW3.5 trillion in such loans available, Yonhap said.
Calls to the FSC spokesman's office by Dow Jones Newswires weren't immediately answered Sunday.
South Korean shipyards, whose major clients are largely from Europe, are suffering a severe business setback as the European debt crisis drags on. Clients in Europe have had problems securing financing.
Source: Market Watch Next articleBack to list
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