ANNOUNCEMENT 28 Feb 2020

February 28th, 2020 - The Korean Eximbank published details of its financial support given to domestic SMEs.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

South Korean Export-Import Bank, February 28th, 2020. (수출입銀, 대구·경북 중소·중견기업 한 달간 이자·보증료 면제)
https://www.koreaexim.go.kr/site/program/board/basicboard/view?currentpage=4&menuid=001005005001&pagesize=10&boardtypeid=36&boardid=62253

Inception date: 01 Mar 2020 | Removal date: 31 Mar 2020

State loan

On February 28th, 2020, the South Korean Eximbank officially announced that certain loan interest and guarantee fees for firms in the areas were cancelled for the month of March. 

Additionally, it was noted that the Eximbank to date had provided USD 823m (KRW 1tn) for domestic SMEs hit particularly hard by COVID-19.

The finances were provided through preferential loans to firms in Daegu and Gyeongbuk, the two provinces that were, at the time, experiencing particularly high rates of COVID-19 cases.

The chairman of the The Export-Import Bank of Korea stated at the meeting when this was announced that they were 'making every effort to provide financial support for responding to COVID-19'.

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