Starting from September 3, besides the Export-Import Bank of Korea (KEXIM), state-controlled financial institutions and commercial banks will provide shipyards financing in building ships or offshore facilities, etc.

Financial Services Commission revealed that KEXIM has supported shipyards' manufacturing funds before, however, KEXIM will be insufficient to finance increasing demand for fabrication funds. Therefore, starting from September 3, commercial banks would carry out 'Shipyards fabrication financing program'.

Korea Finance Corporation, Woori, Kookmin, Hana, Shinhan, Korea Exchange banks, etc., will carry forward the program and finance around KRW 4trn for shipyards.

Those ships, including offshore plants that shipyards will build are to be funded.

Meanwhile, KEXIM also added up yearly financing target up to KRW 3.5trn from KRW 1.9trn.

source:asiasis