South Korea offers $37 million in financial aid to GM Korea

The financial support of up to $37 million to small and medium sized companies who are affected by on of GM’s Korea’s plant, could be extended to more depending on the overall impact the closure will have on these companies as well as on the local economy.

On Monday, South Korea’s central bank stated it would provide $37 million (40 billion won) in aid to small and mid-sized companies that are affected by the closure of General Motor’s plant in the country.

“There could be more aid if needed after monitoring the demand and overall impact on the local economy,” said the country’s central bank in a statement.

Following the U.S. automakers restructuring eforts and the closure of one of its units in South Korea, South Korean officials had begun doing their due diligence on GM Korea so as to decide on whether it needed to lend financial support to the loss-making operations of GM.

($1 = 1,080.5000 won)

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