Up to 15-Year Loans...
4.25 Trillion KRW Allocated for This Year
Industrial Bank of Korea announced on the 24th that it will launch the 'Semiconductor Equipment Investment Support Special Program,' which provides funding for equipment and research and development (R&D) investments to companies across all sectors of the domestic new semiconductor industry.
This program is part of the 'Comprehensive Support Plan for the Semiconductor Ecosystem' announced by the government last year.
It offers loans for up to 15 years at low interest rates comparable to government bond yields (around 2%). Additional interest rate benefits (annual -0.10 percentage points) are applied to small and medium-sized enterprises (SMEs) and mid-sized companies.
The program will operate for three years starting this year, supplying a total of 17 trillion KRW in funds. This year, it will operate with a budget of 4.25 trillion KRW.
An Industrial Bank of Korea official stated, "With the full-scale operation of this program, we expect to invigorate the entire domestic semiconductor industry," adding, "The bank will do its best to support the semiconductor industry, which is a core of economic security."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
