KHNP-IBK "Resolving Nuclear Power Industry Management Difficulties... 40 Billion KRW Emergency Financial Support"

[Asia Economy Reporter Kim Bo-kyung] Korea Hydro & Nuclear Power and Industrial Bank of Korea are stepping up to alleviate the management difficulties faced by the nuclear power industry due to the novel coronavirus infection (COVID-19).

On the 26th, the two institutions signed an emergency financial support agreement at the Industrial Bank of Korea headquarters in Seoul and decided to establish a loan fund worth 40 billion KRW through one-to-one matching.

Through this, they plan to provide low-interest loans to small and medium-sized enterprises cooperating with KHNP that have been affected by COVID-19. Loans of up to 1 billion KRW per company are available, with an automatic interest rate reduction of 0.9 percentage points, and additional reductions of up to 1.4 percentage points depending on transaction contribution and credit rating.

The target companies for support are those whose sales have decreased by 20% or more due to COVID-19, or KHNP qualified partner companies that have experienced production disruptions due to confirmed cases or self-quarantine. After verifying the damage, loans will be provided to companies recommended by KHNP following screening by the Industrial Bank of Korea. Detailed project information will be announced on the KHNP Win-Win Growth website.

Jung Jae-hoon, President of KHNP, said, "I hope this will help our valuable partners, the cooperating companies, overcome the COVID-19 crisis," and added, "We will continuously listen to and review the voices from the field to see if there is any additional support needed."

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