KDB, Eximbank to extend $1.4 billion, $492 million in loans to Asiana and Doosan, respectively
KDB, Eximbank to extend $1.4 billion, $492 million in loans to Asiana and Doosan, respectively
  • Jung Jun-ho
  • 승인 2020.04.23 12:05
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The government has decided to offer liquidity amounting to 1.7 trillion won (some $1.4 billion) and 600 billion won ($492 million) to Asiana Airlines and Doosan Heavy Industries and Construction, respectively, which are in a liquidity crisis.

Korea Development Bank (KDB) and the Export-Import Bank of Korea (Korea Eximbank) held an expanded lending committee on April 21, respectively, to vote on ways to support Asiana Airlines and Doosan Heavy Industries.

As part of the government's measures to support the key industries, details will be finalized at an emergency economic meeting to be held this week.

It will supply loans worth 1.7 trillion won to Asiana Airlines, which is suffering from the COVID-19 crisis. The lending ratio of KDB and Korea Eximbank is 7:3.

Last year, creditors provided 1.6 trillion won worth of liquidity to Asiana Airlines. It includes 500 billion won in acquisition of perpetual bonds issued by Asiana Airlines, 800 billion won in limit loans and 300 billion won in guarantee letters of credit.

The move is aimed at providing additional liquidity as Asiana Airlines earlier exhausted all of its 1.6 trillion won worth of liquidity provided by the two state-run banks.

Considering the seriousness of the COVID-19 crisis, it is believed to have increased financial stability by providing more money to the ailing two companies, analysts said.

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