New Bonds and General Guarantees Expanded by an Additional 6.7 Trillion Won... Managing 56 Trillion Won
Second Half Nationwide Headquarters Branch Managers Meeting Held Online
[Asia Economy Reporter Ki Ha-young] The Korea Credit Guarantee Fund (KODIT) has decided to operate the total volume of general guarantees at 56 trillion won, an increase of 6.7 trillion won from the original plan, until the end of this year to overcome the economic crisis caused by the novel coronavirus infection (COVID-19). The supply of credit guarantees will also be expanded to 6.2 trillion won.
On the 22nd, KODIT announced that it held a nationwide branch managers' meeting in the second half of the year and finalized the major business promotion plan for the second half to promote innovative finance in the post-COVID-19 era. This meeting was conducted online in a non-face-to-face manner to prevent the spread of COVID-19 infection.
Through this meeting, KODIT decided to operate the total volume of general guarantees at 56 trillion won, an increase of 6.7 trillion won from the original plan, by utilizing the supplementary budget to overcome the COVID-19 economic crisis until the end of this year. Specifically, the scale of new guarantees supplied in the second half will be expanded to 9 trillion won, and the guarantee supply for key support areas such as start-ups, export companies, job-creating companies, and new growth sectors will also be expanded to 53 trillion won, making efforts to create jobs and enhance growth engines.
In addition, to support companies affected by COVID-19 and strengthen the competitiveness of key industries, the supply of new guarantees for securitization companies will be expanded to 6.2 trillion won in the second half. To improve customer convenience and accessibility, non-face-to-face services for each task such as credit guarantees and accounts receivable insurance will be expanded, and new businesses to lead innovative finance, such as trade credit index-linked products and accounts receivable factoring services, will be steadily promoted.
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Yoon Dae-hee, Chairman of KODIT, said, “As a leading policy finance institution, KODIT must take the lead in overcoming the COVID-19 economic crisis,” and added, “We will faithfully carry out guarantee support according to the supplementary budget and make our best efforts to actively support the Korean New Deal policy.”
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