IBK, 50 Billion KRW Loan Support for Machinery Industry... Win-Win Growth MOU
Capital Goods Deduction Association Deposits 50 Billion Won at IBK
IBK Supports Win-Win Growth Cooperative Loans Worth 50 Billion Won
[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank of Korea announced on the 21st that it has signed a 'win-win growth business agreement' with the Capital Goods Mutual Aid Association to overcome the novel coronavirus disease (COVID-19) crisis and support the machinery industry.
Under this agreement, the Capital Goods Mutual Aid Association will deposit 50 billion KRW with IBK, and IBK will use these funds to provide a 50 billion KRW scale 'win-win growth cooperative loan.'
The loan targets are companies recommended by the Capital Goods Mutual Aid Association or companies engaged in the general machinery industry. The loan limit is up to 500 million KRW per company, and IBK will automatically reduce the loan interest rate by 1.2 percentage points annually for these companies.
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An IBK official said, "We hope this will help alleviate the financial difficulties and overcome the crisis of machinery companies directly or indirectly affected by the spread of COVID-19."
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