5 major banks plan $350 million low-interest loan for Samsung chip plant

The country’s five major banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — are considering a plan to extend a combined low-interest loan of 500 billion won ($350 million) to Samsung Electronics to support construction of its new semiconductor plant in Pyeongtaek, Gyeonggi Province, industry insiders said Thursday. Under the proposal, each bank will provide 100 billion won. The Korea Development Bank (KDB), which manages the National Growth Fund, recently presented the financing plan to the world’s largest memory chip maker. Launched in December, the National Growth Fund aims to attract 150 trillion won in government and private investment over the next five years to foster strategic high-tech industries, including artifical intelligence (AI), semiconductors and renewable energy. The fund was one of President Lee Jae Myung’s campaign pledges. The five major financial holding companies have already committed a combined 50 trillion won to the fund, contributing 10 trillion won each. The banks’ proposed funding would supplement a separate 2 trillion won low-cost loan toWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times