FSC to Conduct Daily Checks on Financial Support for Export Companies Affected by Middle East Instability

Collaboration with Korea Development Bank, Industrial Bank of Korea, Korea Credit Guarantee Fund, and the Ministry of SMEs and Startups
Monitoring the Status of 13.3 Trillion Won in Liquidity Support

The Financial Services Commission will conduct daily checks on the status of financial support worth 13.3 trillion won for export companies at risk of damage due to instability in the Middle East, and establish a collaborative system among relevant organizations.

On the morning of March 5, the Financial Services Commission held a "Financial Market Division Working-Level Inspection Meeting" chaired by Jeon Yoseop, Director-General of the Financial Policy Bureau, to examine potential liquidity issues that export companies may face due to the situation in the Middle East, together with policy finance institutions such as Korea Development Bank, Industrial Bank of Korea, and Korea Credit Guarantee Fund. The meeting also discussed ways to establish a rapid financial support system.

Previously, Korea Development Bank, Industrial Bank of Korea, and Korea Credit Guarantee Fund prepared a financial support program totaling 13.3 trillion won to assist export companies affected by the Middle East situation. For existing loans and guarantees, measures are being implemented to extend all maturities by one year.

The Financial Services Commission will check the status of financial support provided by each policy finance institution, difficulties encountered in the field, and suggestions from companies on a daily basis, and will establish a collaborative system to share this information among institutions.

The government will also strengthen cooperation at the national level. The situation of damages and business difficulties reported to the Export Support Center, operated by the Ministry of SMEs and Startups, will be shared with the Financial Services Commission and policy finance institutions. When affected companies contact or consult the center, they will also be informed about the financial support programs provided by Korea Development Bank, Industrial Bank of Korea, and Korea Credit Guarantee Fund.

An official from the Financial Services Commission stated, "As the situation in the Middle East is unfolding rapidly, we are closely monitoring the damage and difficulties on site," adding, "We plan to work with policy finance institutions and relevant organizations to swiftly provide the necessary financial support."

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