40 Trillion Won Support for 7 Key Industries... Approved by the Cabinet Meeting

Resolution on State Guarantee Consent for 'Key Industry Stabilization Fund Bonds' Passed at the Temporary Cabinet Meeting on the 25th

[Asia Economy Reporter Oh Ju-yeon] The government confirmed on the 25th at an extraordinary Cabinet meeting that it will provide 40 trillion won in support to seven key industries including aviation, shipping, and shipbuilding. This is a follow-up measure following the establishment plan of the 'Key Industry Stabilization Fund for Crisis Overcoming and Employment' to support key industries temporarily suffering due to the novel coronavirus infection (COVID-19).

At the extraordinary Cabinet meeting held that day, the government approved the '2020 Key Industry Stabilization Fund Bond Principal and Interest Repayment National Guarantee Consent.' On the 22nd, at the '5th Emergency Economic Meeting,' the government announced that it would establish the Key Industry Stabilization Fund at the Korea Development Bank to facilitate the prompt normalization of management and employment stability of key industry companies, and provide a national guarantee for fund bonds up to 40 trillion won.

This is to support seven key industries facing difficulties in raising funds, including aviation, shipping, automobile, shipbuilding, machinery, electricity, and telecommunications, and the fund will be operated for a limited period of five years.

To enable swift support for key industries, the government held an extraordinary Cabinet meeting on this holiday, which falls before the regular Cabinet meeting on the 28th, and approved the national guarantee consent for the issuance of fund bonds.

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