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Korea pumps USD 1.2 billion into ailing shipping sector

A new fund financed by private and state-owned banks will make more than USD 1.2 billion available in aid to South Korea's struggling shipyards and carriers.

Photo: Hanjin

The South Korean government will establish a new fund with a total of USD 1.2 billion aimed at supporting the country's ailing shipbuilders and carriers, report several Asian news outlets.

Commercial stakeholders will contribute half of the fund's means, while 40 percent will be finance by Korea Development Bank, Export-Import Bank of Korea and the Korea Trade Insurance Corporation. The remaining 10 percent will come from shipping companies.

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