SK hynix (KRX:000660) established a 2-trillion-won fund with the South Korean government and major commercial banks to help local semiconductor makers secure funding for materials, parts, and equipment (MPE), the chipmaker said in a Monday news release.
The partnership will involve banks KB Kookmin (KRX:105560), Shinhan (KRX:055550), Woori (KRX:316140), and Hana (KRX:086790), as well as the Korea Trade Insurance Corp. (K-SURE), the semiconductor manufacturer said.
SK hynix and the banks will contribute 100 billion won to the fund while K-Sure will guarantee up to 20 times the amount, multiple media reports said.
The program is seen to help relieve financial worries faced by SMEs and mid-sized semiconductor makers that are struggling with fundraising due to global economic volatility, SK hynix said.
MPE makers will also benefit from expanded loan limits, lower interest rates, and guarantee fees, according to the semiconductor company.
The signatories also toured the construction site of the 870.7-billion-won Yongin Semiconductor Cluster and the Trinity Fab, a sandbox for local suppliers to test and verify new technologies in a real production environment, according to SK hynix.
SK hynix's head of development, Ahn Hyun, expected the performance level of AI infrastructure to expand by about 20 times by 2030 on heightened demand for AI inference.
SK hynix's shares fell almost 5% in afternoon trade in Seoul on Tuesday.
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