The government will provide two trillion won in special loans to local businesses adversely affected by the Ukraine crisis, while also reducing interest rates by as much as one percent.

At a meeting led by first vice finance minister Lee Eog-weon on Friday, officials finalized the details of the special loan program for immediate enforcement a week after it was announced.

The programs will be offered through the Korea Development Bank(KDB), the Industrial Bank of Korea(IBK) and the Export-Import Bank of Korea.

Eligibility will apply to domestic businesses operating in the crisis-hit region as well as exporters, importers and subcontractors.

In a bid to reinforce the nation's supply chains, the government will provide 15 trillion won in support to secure additional container vessels, invest in the construction of production facilities, and apply funds to the research and development of  next-generation technology.