Strengthening Support for Export-Import Companies... Also Providing New Liquidity Assistance
IBK Industrial Bank of Korea announced on the 24th that it will strengthen comprehensive support to help export-import companies overcome the crisis caused by the recent sharp rise in exchange rates.
To alleviate the repayment burden of foreign currency loans due to the surge in exchange rates, the bank will extend the special foreign currency loan extension program until next year. Companies holding foreign currency loans will be supported with a loan extension period of up to one year without principal or installment repayments.
In addition, when extending the maturity of time-bound letters of credit for import companies, the bank will exempt the requirement for collateral deposits and expand the extension period from one month units to a maximum of three months units.
Furthermore, the bank will actively provide new liquidity support for export-import companies facing difficulties due to rising raw material prices and logistics costs. Through loans such as ▲Complex Crisis Overcoming Support Loan ▲Export-Import Company Liquidity Support Fund Loan ▲Export Plus Guaranteed Loan, which offer interest rate reductions of up to 1.5 percentage points (P), the bank will actively assist in resolving the challenges faced by export-import companies.
An IBK Industrial Bank of Korea official stated, “We will do our best to provide financial support to help export-import companies, which are the foundation of the national economy, overcome the crisis and secure competitiveness.”
Meanwhile, on the 17th, IBK Industrial Bank of Korea signed a business agreement for a 460 billion KRW ‘Export Package Preferential Finance’ with the Korea Trade Insurance Corporation and plans to actively support benefits such as loan interest rate reductions, fee waivers, and preferential foreign exchange rates starting from January next year.
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