Republic of Korea

S.Korea to provide low-interest loans to typhoon victims

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SEOUL, Oct 15, 2002 (Xinhua via COMTEX) -- South Korea will soon offer at most 20 million won (15,560 US dollars) loans to each of households who suffered from typhoon Rusa and ensuing floods, the Ministry of Finance and Economy Tuesday was quoted by national news agency Yonhap News.

Victims are to repay the loans carrying an annual three percent interest rate over 15 years with a five-year grace period, reported Yonhap.

The ministry will offer 120 billion won (100 million dollars) in loans to about 8,714 victims.

The government will also provide up to 100 billion won (83.3 million dollars) in loans to the small and medium-sized firms and owners of small shops who were also affected by the typhoon and floods, it said.

Moreover, each of the victims will be eligible for a maximum 50 million won (41,666 dollars) in loan which carry an annual three percent interest rate. Loans are supposed to be repaid in four years with one-year grace period.

Typhoon Rusa and the subsequent floods raped South Korea in late August and early September, which caused severe loss to the country.

Copyright 2002 XINHUA NEWS AGENCY.

Copyright (c) 2002 Comtex News Network
Received by NewsEdge Insight: 10/15/2002 04:12:49