KDB, others extend 480 bln-won green loan to Hyundai Heavy

SEOUL, May 29 (Yonhap) — South Korean state-run lender KDB said Friday that it and other financial institutions have provided 480 billion won (US$388) in loans to Hyundai Heavy Industries Co., the country’s largest shipbuilder.

Of the 480 billion won in so-called green loan, 350 billion won was extended to Hyundai Heavy by KDB.

The rest of the fund was provided by banks, including HSBC and ICBC, and a KDB affiliate.’

Green loans usually are offered to finance eco-friendly projects, such as liquefied natural gas (LNG) carriers, renewable energies and high-efficient energies.

Hyundai Heavy will reportedly use the fund to develop technologies for LNG carriers.