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South Korea gives yards a loans boost

South Korea gives yards a loans boost
Seoul: Keeping up the pressure in the state loans to shipbuilders game, South Korea has increased financing support $3.5bn for this year, according to news reports.

The additional loans will be made available by state-run lenders-Korea Finance Corp. and Korea Development Bank-and
five commercial banks, including Kookmin Bank.

The additional financing plan for local shipyards is over and above the existing KRW3.5trn in such loans now available. This will provide some comfort to South Korean shipyards and their European major clients as the European debt crisis drags on, affecting their ability to secure financing.