Insurance corporation and banks set up fund for SMEs

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Insurance corporation and banks set up fund for SMEs

The Ministry of Trade, Industry and Energy said yesterday that the Korea Trade Insurance Corporation and other three banks - Industrial Bank of Korea, Korea Exchange Bank and Kookmin Bank - have signed an agreement regarding support of a trade insurance fund.

Three banks will contribute 100 billion won ($89 million) each, which accounts for 24 percent of the current amount of the fund, 1.263 billion won. The contribution is the largest from private banks. The Trade Ministry and the insurance corporation expect that their contribution will enable them to run the fund up to 5 trillion won.

The ministry said the money will be used to help SMEs suffering from a weak yen. It will support them in areas like trade, plant orders and shipping finances.

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