Gov’t to offer 300 bln won in financial support for defense companies

SEOUL, The government plans to provide about 300 billion won (US$214.9 million) worth of financial support to defense companies this year by partially covering their interest payments, the state arms procurement agency said Tuesday.The low-rate loan program, launched in 2007, calls for the government to cover the significant amount of interest payments if defense companies borrow money from designated financial firms, according to the Defense Acquisition Program Administration (DAPA).DAPA Minister Seok Jong-gun unveiled such a support plan for this year during his visit to the defense company Young Poong Electronics in Changwon, 298 kilometers southeast of Seoul, on Monday, his office said.Source: Yonhap News Agency