The Bank of Korea (BOK)'s South Gyeongsang head office is to expand financing for troubled local small-and-medium shipyards.
BOK announced on November 19 that it will revise part of fund operation standard.
When the revised standard is enforced from the next month, financial institutions' additional loanable funds for small-and-medium sized shipyards will expand to around KRW 200bn ($184m).
BOK's financing will be increased from February 2013.
Therefore, small-and-medium sized shipbuilders with financial straits are expected to improve management and local economy will be boosted.
Published : November 20, 2012
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