The Korea Trade Insurance Corporation (K-sure) and KB Kookmin Bank announced on the 23rd that they signed a memorandum of understanding on the 20th to revitalize exports and imports for small and medium-sized enterprises.
The signing ceremony held at the headquarters of KB Kookmin Bank in Yeouido, Seoul, was attended by President Jang Young-jin of the Korea Trade Insurance Corporation and President Lee Hwan-ju of KB Kookmin Bank, along with officials from both companies.
KB Kookmin Bank will contribute 30 billion won in grants to provide financial support worth about 460 billion won for exporting and importing corporations. The Korea Trade Insurance Corporation will utilize 27 billion won from the funds contributed by KB Kookmin Bank to provide a total of 459 billion won in guarantee agreements. Based on this, KB Kookmin Bank plans to offer various financial services, including working capital loans and foreign currency payment guarantees, to exporting and importing corporations. 3 billion won will be used for the reduction of guarantee and insurance fees that corporations must bear.
Additionally, the two companies will establish substantial support measures that reflect the diversified forms of trade transactions and the financial needs of small and medium-sized exporting and importing corporations by expanding the types of guarantee agreements from the existing three to seven.