Plan for project evaluation group to end insolvency grabs
The government plans to open a project evaluation group by the end of this month to prevent local builders and shipbuilders from grabbing insolvent projects overseas, said the Export-Import Bank of Korea (Korea Eximbank) on Wednesday. The group will be established under the Marine Finance Center, a joint organization consisting of the nation’s three key policy financing institutes Korea Eximbank, Korea Development Bank and Korea Trade Insurance Corp. Launching the group was a follow-up measure of the government’s corporate restructuring efforts on those debt-ridden ones and maintain local lenders’ credit soundness. Each builder will now be required to be evaluated if they borrow money from state-run banks for overseas business worth $500 million or more.