Finance Ministry plans to lend $10 billion to local companies

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Finance Ministry plans to lend $10 billion to local companies

Korea unveiled yesterday the final details of a plan to lend up to $10 billion of its $350 billion-plus foreign currency reserves to eligible local companies to import production equipment or finance overseas projects.

According to the Finance Ministry, 16 domestic banks and 12 branches of foreign banks operating in the country would begin lending foreign-currency funds to eligible companies from next month for a maturity of up to 10 years at favorable terms.

The lenders would receive the foreign currency funds from the government at lower interest rates. The plan will be effective for one year.

Reuters

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