South Korea's state-run Korea Development Bank (KDB) said Monday it reached a deal to purchase of a vessel from a local shipping line in a bid to bolster the nation's ailing shipping industry.
According to the KDB, the vessel-purchase deal was made between the bank and Korea Line Corp. and is to be completed in May next year.
The KDB tapped the money from a 2 trillion-won (1.72 billion-U.S. dollar) fund, launched in July to support the shipping industry which was severely struck by the global economic downturn, said the bank.
The vessel, with the market value standing at 67 million U.S. dollars, will be leased back to the original owner, the bank said.
"KDB plans to complete the purchase of eight vessels by the end of this year," a KDB official said.
According to the KDB, the vessel-purchase deal was made between the bank and Korea Line Corp. and is to be completed in May next year.
The KDB tapped the money from a 2 trillion-won (1.72 billion-U.S. dollar) fund, launched in July to support the shipping industry which was severely struck by the global economic downturn, said the bank.
The vessel, with the market value standing at 67 million U.S. dollars, will be leased back to the original owner, the bank said.
"KDB plans to complete the purchase of eight vessels by the end of this year," a KDB official said.