Support of up to 20 Million KRW for Rental Fees of Private Investment Project Ancillary Facilities Affected by COVID-19

Ministry of Economy and Finance to Hold the '3rd Private Investment Project Deliberation Committee of 2021' on the 9th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government has decided to support up to 80% of the rent for ancillary facilities of Build-Transfer-Lease (BTL) projects, which have faced operational restrictions due to the prolonged COVID-19 pandemic, with a maximum limit of 20 million KRW.

On the 9th, the Ministry of Economy and Finance held the "3rd Private Investment Project Deliberation Committee of 2021" at the Seoul Regional Public Procurement Service, chaired by Deputy Minister Ando Geol, and reviewed and approved the amendment to the Basic Plan for Private Investment Projects reflecting this decision.

Since the outbreak of COVID-19 in early last year, nearly a year and a half of strengthened quarantine measures have caused disruptions in the operation of ancillary facilities of BTL projects owned by local governments. The government recognized that losses occurred due to operational restrictions and included related provisions in the amendment.

According to the amendment, clear grounds have been established to allow the relevant authorities to support approximately 80% of the rent losses. The support targets are small business owners and small and medium-sized enterprises (SMEs) who are tenants of ancillary facilities of BTL projects. The limit is set at up to 20 million KRW annually.

Meanwhile, the Ministry of Economy and Finance stated that through this amendment, operators of about 100 projects are expected to receive benefits totaling approximately 700 million to 900 million KRW.

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