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S. Korea's banks to set up USD2b fund for overseas projects
(MENAFN) South Korea's banks are planning to launch a USD2 billion fund this year to boost local builders' efforts to win lavish social infrastructure projects overseas, Yonhap News reported.
The state-owned Korea Trade Insurance Corp. will provide the guarantee for the fund formed by major lenders, including Kookmin Bank, Shinhan Bank and Woori Bank, the Financial Services Commission (FSC) said.
The fund aims to provide full financial aid to South Korean construction firms to build transportation, communication and power facilities overseas. It will also gives banks a springboard for possible massive projects.
The state-owned Korea Trade Insurance Corp. will provide the guarantee for the fund formed by major lenders, including Kookmin Bank, Shinhan Bank and Woori Bank, the Financial Services Commission (FSC) said.
The fund aims to provide full financial aid to South Korean construction firms to build transportation, communication and power facilities overseas. It will also gives banks a springboard for possible massive projects.
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