Export-Import Bank Waives Interest and Guarantee Fees for Daegu and Gyeongbuk SMEs for One Month

6-Month Deferral of Loan Interest and Guarantee Fees on 3.4 Trillion KRW Total Credit for All Mercury Trade SMEs
Export-Import Bank Headquarters Closed, Nationwide Branch Managers Hold Video Conference at Suwon Branch
President Bang Moon-kyu Urges "Uninterrupted Financial Support Efforts According to Emergency Business Plan"

The Export-Import Bank held an online video conference on the 28th at the Suwon branch, led by President Visit Kyu (center in front of the monitor in the photo), with 13 branches and offices nationwide to review the status of emergency financial support related to COVID-19 damages, aiming to support Korean companies affected by the pandemic.

[Asia Economy Reporter Kangwook Cho] The Export-Import Bank of Korea announced on the 28th that it will waive loan interest and guarantee fees for about 1.1 trillion KRW in loans for small and medium-sized enterprises (SMEs) and mid-sized companies located in Daegu and Gyeongbuk, which are experiencing business difficulties due to COVID-19, for the month of March.

Additionally, the bank plans to defer loan interest and guarantee fees for 3.4 trillion KRW in credit extended directly to SMEs for six months starting from March.

This emergency financial support plan by the bank is part of the government's comprehensive measures for public livelihood and the economy to minimize the impact of COVID-19 and achieve early recovery, announced today by the Ministry of Economy and Finance.

Since the 7th, the bank has been implementing a plan to support a total of 1 trillion KRW to companies affected by COVID-19, including 500 billion KRW for import diversification funds and 500 billion KRW for new loans for operating funds, and to extend the maturity of principal repayments on existing loans amounting to 2.7 trillion KRW by six months.

On this day, the "National Branch Managers' Meeting of the Export-Import Bank for Financial Support of SMEs in Daegu and Gyeongbuk" was held via video conference after relocating from the bank's Yeouido headquarters to the Suwon branch due to the occurrence of confirmed COVID-19 cases.

Bank President Moon Bong-kyu said at the meeting, "Although an emergency work system was activated at the bank on the 27th due to confirmed COVID-19 cases, we must still ensure thorough financial support to respond to COVID-19," adding, "In particular, all employees should carry out their duties without agitation according to the pre-established emergency work plan manual, and all departments, including the headquarters credit department and the 13 branches and offices nationwide, should strive to ensure that today's emergency special support measures provide practical help to companies in the field."