South Korea Kicks Off $19 Billion of Chip Loans, Funds From July
- Government loans, investments to begin flowing next month
- The country is trying to safeguard its position in chipmaking
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South Korea will begin awarding aid to chipmakers from July, kicking off a 26 trillion won ($19 billion) package of financial support pledged toward boosting a critical industry.
Seoul will begin with an 18 trillion won package of measures including preferential loans and investment capital. Starting next month, eligible firms can tap a 17 trillion-won loan program at the market’s lowest interest rates, the finance ministry said in a statement on Wednesday. The government will also help set up two funds totaling 1.1 trillion won, the smaller of which will pool 300 billion won by 2025 and begin investing in local makers of chipmaking gear and materials next month.