Woori Bank is offering preferential loan rates and fees to support material, parts, and equipment (MPE) companies with raw material imports.
On November 12, Woori Bank announced that it has signed a 'Financial Support Agreement for Supply Chain Stability' with the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Trade Insurance Corporation (K-SURE).
The agreement aims to assist companies facing difficulties in securing import financing due to fluctuations in raw material prices and uncertainties in the global supply chain. The three institutions plan to support the import of raw materials and financing for key industries such as semiconductors and secondary batteries, from company identification to insurance and financial support.
Under the agreement, KOTRA will identify financial needs and recommend companies participating in the supply chain stabilization support project. K-SURE will provide 'import insurance (global supply chain),' and Woori Bank will facilitate import payment financing loans.
Woori Bank will offer preferential rates for opening letters of credit (LC) and import payment financing loans to the companies covered by the agreement. It will also support the initial payment of K-SURE's guarantee fees to reduce the financial burden on companies. K-SURE will expand the limits of import insurance, increase coverage rates, and offer discounts on premiums.
Bae Yeon-soo, Vice President of Woori Bank's Corporate Group, stated, "In the face of ongoing uncertainties in the global supply chain, securing stable raw materials and smooth financing are crucial elements for corporate competitiveness. We will support the global competitiveness of domestic manufacturers based on our collaboration with policy financing institutions and our capabilities in foreign exchange and trade finance."
* This article has been translated by AI.
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