Woori Bank Supports Export Companies Affected by COVID-19

Woori Bank CI

[Asia Economy Reporter Kim Min-young] Woori Bank has stepped up to support export companies struggling due to the novel coronavirus infection (COVID-19).

On the 25th, Woori Bank announced that it will provide support such as reimbursement of participation fees and exemption of various financial fees to export companies participating in the 'Emergency Branch Office Project' implemented by the Korea Trade-Investment Promotion Agency (KOTRA).

The Emergency Branch Office Project refers to a program in which KOTRA's overseas trade offices urgently take over local face-to-face marketing tasks for companies whose overseas business trips are restricted due to COVID-19. Dedicated personnel from local trade offices are urgently deployed to handle tasks such as sample demonstration consultations, client management, inspection of local distribution network entry points, and support for participation in exhibitions and consultations.

Woori Bank will provide partial reimbursement of participation fees on a first-come, first-served basis to companies participating in this project. In addition, it will waive the additional interest rate (1.5% per annum) incurred due to delayed deposit of export bills and extend the dishonor processing period of the relevant bills up to 90 days to reduce disadvantages caused by delayed payment collection. Furthermore, various financial costs such as remittance handling fees related to export payments and telegraph transmission costs related to post-export management will be exempted.

This content was produced with the assistance of AI translation services.