To Finance Facility Expansion and R&D
LS Cable & System will receive up to 1 trillion won in loans from Korea Development Bank (KDB) over the next five years. The fund will be invested in facility expansion and research and development.
The company announced that it signed an agreement with KDB on an industry-finance cooperation program for the cable industry at its Donghae factory in Gangwon Province on Oct. 28.
"This agreement is quite important as it represents industry-finance cooperation towards carbon neutrality and renewable energy promotion," said Koo Ja-yeop, chairman of LS Cable & System
"We will strengthen the foundation for expansion of the use of renewable energy in various industrial sectors to help accelerate energy conversion," said Lee Dong-gull, chairman of KDB.
The industry-finance cooperation program provides funds to companies to foster a carbon-neutral ecosystem. When there is a demand for funds from companies, KDB lends the necessary amount at a low interest rate. Starting with LG Chem in 2019, KDB signed an agreement with SK Hynix and Hanwha Group to foster the secondary battery, semiconductor and green energy industries.