Hyundai Engineering & Construction Signs Financial Support Agreement for Partners with Shinhan Bank and SGI Seoul Guarantee Insurance

[Asia Economy Reporter Kim Hyemin] Hyundai Engineering & Construction announced on the 5th that it has signed a business agreement on 'financial support for partner companies' with SGI Seoul Guarantee Insurance and Shinhan Bank.

Through this business agreement, Hyundai Engineering & Construction plans to recommend excellent partner companies to SGI Guarantee Insurance and Shinhan Bank and support loan interest, enabling partner companies to receive loans at interest rates lower than market rates. Shinhan Bank will provide loans to the recommended partner companies, and SGI Guarantee Insurance will issue guarantees so that the partner companies recommended by Hyundai Engineering & Construction can receive loans stably without separate collateral.

A Hyundai Engineering & Construction official said, "By establishing a loan guarantee support system, we expect that excellent partner companies that had difficulties in financing will be able to obtain the necessary funds more easily and conveniently, providing practical help."

In addition, Hyundai Engineering & Construction is implementing programs such as ▲paying 100% of construction payments in cash to partner companies performing domestic subcontracting work ▲providing financial support so that partner companies can smoothly carry out construction in the early stages ▲operating a 160 billion KRW-scale win-win growth fund.