23 April 2020 – Provided subsidy for the shipping industry

This item is sourced from COVID-19 Policy Watch co-ordinated by Policy. We are in the process of gathering further information and aligning taxonomies for these items.

Type of Intervention: Industry interventions
Sectors Involved:
Level of Jurisdiction: National
Lead People/Agency:

Overview: The Ministry of Oceans and Fisheries announced 1.25 trillion won in support of the shipping industry.

The package includes 100 billion won towards improved financing options that will provide additional liquidity to cash-strapped companies. Under the scheme, eligible companies will have their loan-to-value ratio cap increased to 95%, up from a previous range of 60-80%.

The Ministry additionally announced a 470 billion won scheme to repay maturing debts of the nation”s largest container carrier, Hyundai Merchant Marine Co., to be financed by The Korea Development Bank and the Korea Ocean Business Corp.
Full details here: http://www.mof.go.kr/article/view.do?articleKey=32178&boardKey=10&menuKey=971&currentPageNo=1