San: "COVID-19 피해기업 Loan Support Surpasses 40 Trillion Won"

[Asia Economy Reporter Buaeri] Korea Development Bank (KDB) announced on the 7th that its loan support performance for companies affected by COVID-19 has surpassed 40 trillion won.

This figure includes new funds provided to affected companies and extensions of existing loan maturities since the government announced financial sector response measures related to COVID-19 in February 2020.

In March 2020, at the early stage of the COVID-19 crisis, KDB launched the "Cheer Up Korea Special Operating Fund" loan product worth 5 trillion won. This product is a flagship offering that reflects KDB’s expertise in providing financial support during national disaster situations. According to KDB, it enabled liquidity support for companies affected by COVID-19 through benefits such as up to 0.9% interest rate discounts and simplified screening procedures.

In addition to general corporate loan support, KDB stated that it contributed to improving corporate financing conditions by providing a total of 9.5 trillion won through various capital market stabilization programs, including corporate bond and commercial paper (CP) refinancing support programs and the Special Purpose Vehicle (SPV) for corporate liquidity support.

A KDB official said, "As the real economy crisis continues due to prolonged COVID-19 and various uncertainties, we will continue to work closely with the government to help domestic companies overcome the crisis and achieve a smooth landing."

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