IBK, Korea East-West Power Sign 'Green New Deal Sector Financial Support Win-Win Growth Agreement'

Park Juyong, Vice President of IBK Industrial Bank CIB Group (right), and Hong Gisung, Head of Win-Win Procurement Department at Korea East-West Power, are posing for a commemorative photo after signing the agreement.

[Asia Economy Reporter Kwangho Lee] IBK Industrial Bank of Korea announced on the 23rd that it has signed a win-win growth agreement with Korea East-West Power to provide financial support for small and medium-sized enterprises (SMEs) in the Green New Deal sector.

Under this agreement, East-West Power will increase its deposit by 1 billion KRW to 14 billion KRW interest-free, and Industrial Bank of Korea will use these funds to support a low-interest win-win growth cooperative loan increased by 2 billion KRW to a total of 28 billion KRW.

The loan targets are East-West Power’s partner SMEs in the Green New Deal sector, job-creating companies, and companies affected by COVID-19.

The loan limit is up to 1 billion KRW per company, with an automatic interest rate reduction of 0.65 percentage points per annum. Additionally, based on transaction contribution and credit rating, an extra reduction of up to 1.4 percentage points is applied.

An IBK official said, "Through this agreement, we hope that the provision of low-interest funds will help SMEs overcome difficulties and further contribute to the successful implementation of the Korean New Deal."

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