IPA Expands Co-Prosperity Fund to 10 Billion Won to Support Companies Impacted by Rising Oil Prices

Incheon Port Authority (IPA) announced on April 20 that it will expand the scale of its "Co-Prosperity Win-Win Fund" from 8 billion won to 10 billion won in order to ease business burdens on shipping and logistics companies arising from the Middle East crisis.

This fund, which has been in operation since 2019, provides an average preferential loan interest rate of 1.52% to each company through agreements with three major banks: Hana Bank, Suhyup Bank, and Industrial Bank of Korea.

IPA plans to increase the size of the fund in cooperation with these banks and support companies facing heavy fuel and logistics cost burdens due to rising oil prices.

The fund support is available up to 500 million won per company. For loan consultations and applications, companies can contact the Hana Bank Namdong Business Center, Industrial Bank of Korea Incheon Headquarters, or Suhyup Bank Gyeongin Regional Financial Headquarters.

A view of Incheon New Port container terminal. Courtesy of Incheon Port Authority

An IPA official stated, "The shipping, port, and logistics sectors are the industries most affected by oil price fluctuations," adding, "By expanding support from the fund, we aim to help reduce the business burdens faced by IPA partner companies."

Meanwhile, IPA is operating an emergency response system to address logistics disruptions caused by the instability in the Middle East. This includes conducting emergency on-site inspections at the Incheon Port Container Terminal and Bukhang Bulk Terminal, as well as holding meetings with terminal operators.

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