The Korea Forest Service announced on June 25 that it will be recruiting companies to participate in the "Overseas Forest Resources Development Secondary Compensation Program" from July 1 to July 28.
The secondary compensation program is being implemented to support domestic companies in developing overseas forest resources.
Under this program, companies engaged in industrial afforestation, carbon offset afforestation, establishment of forest product processing facilities, or acquisition of overseas afforestation sites will be provided with loans at interest rates lower than prevailing market rates. The government will compensate for the interest loss.
The total amount of new loans available is 4.7 billion won. The Korea Forest Service will be responsible for selecting the participating companies, and the National Forestry Cooperative Federation will provide loans covering 70% to 100% of eligible project costs at an annual interest rate of 1.5% to the selected companies.
To apply, companies may visit the International Forest Cooperation Office of the Global Forest Carbon Center at the Korea Forestry Promotion Institute or submit their application by mail.
Further details about the program can be found on the websites of the Korea Forest Service and the Korea Forestry Promotion Institute.
Nam Songhee, Director-General for International Forest Cooperation at the Korea Forest Service, stated, "Through the overseas forest resources development loan program, we will support domestic companies so they can stably pursue overseas forest projects."
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