A regional office of Korea’s central bank said on Nov. 21 that it will provide 10 billion won (US$9.10 million) to local banks to help ease the financial strains of small firms hit by the recent quake.
The Bank of Korea office in the country’s southeastern industrial city of Pohang said the loans with 0.75 interest rates will be provided to local banks till the end of March next year. The banks in turn can extend loans to small firms.
A total of 58 aftershocks have occurred since the 5.4 magnitude earthquake struck Pohang last week, causing serious damage to many buildings and leaving hundreds of people homeless.
By Alex Lee and newswires (firstname.lastname@example.org