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| Jeollanam-do | 2010-03-10 10:57:00 | ||
| Financial Institutions Pledge Financing for Daema | |||
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A KRW 60 billion financing package has been devised to implement the Daema Industrial Complex project in Younggwang county, South Jeolla. The Younggwang county government signed an agreement on project financing and company support with Top Glory Co. (CEO Kwon Jung-hwan), Korea Development Bank, and Gwangju Bank. Under the agreement, KDB and Gwangju Bank will invest KRW 40 billion and KRW 20 billion respectively. Both banks will finance 60-70 percent of the land purchase and facility construction cost, and put up 20-30 percent of sales revenue for operating capital. In addition, the county government will provide administrative and financial support for the project, for instance provision of subsidy for electricity bill, besides the incentives stipulated in ordinances. The project company has pledged support for speedy establishment of Daema industrial complex, and development and supply of competitive industrial sites. A total of KRW 176.8 billion will be invested by 2011 to build the Daema industrial complex (1650000㎡) in Songjuk-ri and Namsan-ri, Daema-myeon. The complex is expected to attract food processing and manufacturing, machinery and equipment manufacturing, automobile and trailer businesses. A Younggwang county government official said, "The agreement would serve as an opportunity to facilitate investment in Daema industrial complex. We will spare no effort to attract leading companies in low carbon green growth industries and support their business activities.” Source: Yonhap News (March 3, 2010) ** This is an English translation of a Korean news article. |
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