On the 11th, the Export-Import Bank of Korea announced that it would provide a total of 20 trillion won in policy funds to respond to the export crisis caused by the increase in tariffs by the U.S. government.
The Export-Import Bank is launching a new crisis response special program of 6.5 trillion won to help domestic corporations with their exports and overseas expansion. It plans to lower loan interest rates by up to 2 percentage points for small and medium-sized enterprises. The scale of the comprehensive consulting services provided at the bank's own expense will increase from 5 billion won to 10 billion won. The currency conversion option, which was previously applied only to export-related loans, will now also be applied to import-related loans.
The Export-Import Bank plans to supply 10 trillion won in liquidity to industries facing difficulties during the crisis, such as petrochemicals and steel. It has decided to support 3 trillion won in win-win financing for small and medium-sized enterprises that have either expanded overseas with large corporations or supply to large corporations domestically.
It will provide 1 trillion won to corporations promoting export diversification, such as developing new markets, and will increase the loan limit related to research and development (R&D) expenditure from 30% to 50% of the average current R&D expenditure over the past three years.