SK hynix, a South Korean memory chipmaker, said on October 19 it would work with South Korea’s trade ministry and banks on up to 2 trillion won (US$1.5 billion) in loan guarantees for domestic semiconductor suppliers.

Suppliers recommended by the company would be eligible for higher loan limits, interest-rate cuts of up to 2.5 percentage points, and guarantee periods extended from one year to three years.

Under an agreement signed in Yongin, SK hynix and four banks would contribute a combined 100 billion won (US$75 million).

State-run Korea Trade Insurance Corp. would provide the guarantees for semiconductor materials, parts, and equipment suppliers.

The initiative adds semiconductors to a broader state financing program for export industries.

The agency supports exporters through insurance and guarantees.

In Yongin, SK hynix has approved a semiconductor cluster plan and plans to invest 21.6 trillion won (US$16.2 billion) to complete a fab.

🔗 Source: Yonhap

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