Banks are devising measures to support South Korean companies with plants at the Gaeseong Industrial Complex, such as the extension of loans and lower interest rates.

Financial industry insiders said Monday that Woori Bank and the Industrial Bank of Korea will each inject 100 billion won as emergency loans for South Korean companies suffering losses from the suspended operation of the Gaeseong Industrial Park.

Woori Bank has so far provided an emergency fund of 420 million won to two companies. It is expected to provide emergency loans worth five billion won to 15 or 16 companies by early next month. The bank will also extend expiring loans, cut interest rates by up to one-percentage point and reduce commissions, given the companies’ financial difficulties.

The Industrial Bank of Korea will provide an interest rate discount of up to one-percentage point and up to 500 million won in emergency loans to each South Korean business with plants in the inter-Korean joint venture.

The Export-Import Bank of Korea cut its interest rate by half a percent and devised support measures worth 300 billion won for the firms.