Korea Development Bank and Korea Ocean Business Corporation Sign MOU to Promote Financial Support for the Marine Industry

Seoul Yeouido Industrial Bank Headquarters. Photo by Heo Young-han.

On the 9th, Korea Development Bank announced that it signed a "Business Agreement for the Activation of Financial Support for the Marine Industry" with the Korea Ocean Business Corporation (KOBC) at KOBC's headquarters in Busan.

This agreement was promoted to support the strengthening of the international competitiveness of the domestic marine industry through establishing an inter-agency cooperation system and jointly discovering and nurturing promising marine companies, between Korea Development Bank, which performs marine policy finance, and KOBC.

Korea Development Bank, centered on its Marine Industry Finance Headquarters located in Busan, is jointly providing financial support with KOBC for fund investments in ship acquisition projects of national shipping companies and regional port infrastructure development projects.

Through this business agreement, the two institutions agreed to cooperate in establishing a marine industry cooperative financial support system, supporting the business normalization of shipping companies, jointly discovering marine finance support target companies, and jointly hosting seminars and forums.

Kang Seok-hoon, President of Korea Development Bank, said, "With increasing uncertainties in the marine industry due to international political instability and strengthened environmental regulations, Korea Development Bank will closely cooperate with KOBC through this agreement to move forward together toward the common goal of the revival of Korea's marine industry."

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