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S. Korea pledges record public financing of $156 bn this year

Collected: 2017.01.05

Distributed: 2017.01.06

Source: Go Direct

South Korea’s state financial institutions will extend record-high public financing of 186.7 billion won ($156.4 billion) this year to preemptively protect exporters and enterprises from liquidity troubles amid worsening economic conditions at home and abroad.

The Financial Service Commission in its report on Thursday to Prime Minister Hwang Kyo-ahn currently acting as the chief of state on behalf of impeached president said this year’s public financing will be increased by 8 trillion won from last year to an all-time high.

“We will use all possible resources and capabilities of public institutions (to assist the financial and corporate sector),” said FSC Chairman Yim Jong-yong.

State lenders and credit insurers will use up a quarter of this year’s combined cap amounting to 46.7 trillion won in the first quarter, compared with 23 percent or 42.7 trillion won in the same period last year.

Korea Development Bank has earmarked 62.5 trillion won in this year’s credit limit for state-assisted financing, Industrial Bank of Korea 58.5 trillion won, Korea Credit Guarantee Fund 45.7 trillion won, and Korea Technology Finance Corp. 20 trillion won.

By Chung Seok-woo

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