The Export-Import Bank of Korea and Korea International Cooperation Agency will provide funds for projects at an interest rate of 0.7% to 1.5%. — Bloomberg
SEOUL: Two South Korean government-backed lenders are open to providing cheap loans to Indian shipyards that are willing to partner with the east Asian nation’s shipbuilders, according to sources.
The Export-Import Bank of Korea and Korea International Cooperation Agency (Kica) will provide funds for projects at an interest rate of 0.7% to 1.5%, the source said.
Kica is also willing to train people for shipbuilding jobs between 2027 and 2031, the source added.
The offer comes as India plans to spend about US$10bil to purchase crude carriers and targets to raise the share of locally built oil tankers.
Funding India’s ambition will also help South Korean shipbuilders, the world’s second-largest, to expand their presence at a time when market leader China faces geopolitical challenges. — Bloomberg
