San: "Preparing Additional Liquidity Measures for Companies Affected by COVID-19"

[Asia Economy Reporter Park Sun-mi] Korea Development Bank (KDB) announced that it plans to prepare additional liquidity measures to support companies affected by COVID-19 in response to the government's extension of maturity and repayment deferral measures.

On the 28th, Lee Dong-geol, chairman of KDB, said at a meeting between the Financial Services Commission chairman and heads of policy financial institutions, "As the difficulties faced by companies due to COVID-19 continue, we fully sympathize with the government's decision to extend the maturity extension measures." He added, "KDB will actively participate in the extension of maturity and repayment deferral, and through sufficient liquidity support, will actively join the government's 'orderly normalization' policy."

So far, through the government's '175 trillion won + α' support measures and KDB's own programs, KDB has supported companies affected by COVID-19 with a total of more than 41 trillion won as of the end of August.

KDB plans to first provide tailored solutions for various financial difficulties faced by COVID-19 affected companies and support their smooth landing by utilizing the existing 1 trillion won scale 'Financial Stability Accompaniment Program' to supply liquidity quickly.

In addition, by launching Season 2 of the 'Cheer Up Korea Special Fund' (worth 1 trillion won), which received high responses from companies through simplified screening and relaxed approval authority without being bound by existing regulations, KDB plans to minimize the support gap caused by the end of Season 1 and support the self-reliance and re-advancement of companies affected by COVID-19.

A KDB official stated, "We will continue to respond actively with a sense of urgency to overcome the real and financial sector crises caused by COVID-19 through close cooperation with the government."