South Korea is pushing to help its construction firms in Libya as they are faced with worsening business conditions due to the protracted turmoil there, the land and transport ministry said Friday.
There are 21 Korean builders engaged in construction projects in Libya. Many of them are evacuating workers from the country, causing a delay in construction and leaving workplaces and construction equipment exposed to possible
destruction and looting.
The government is worried that they could face a short-term liquidity crunch if financial firms withdraw their lending from the embattled companies for fear that their business could be
further disrupted by the turmoil there.
The land and transportation ministry said that it has recently sent a letter to financial institutions, calling for cooperation in helping Korean construction firms working in Libya.
The ministry urged financial institutions to suspend their move to withdraw loans from builders for the time being and keep providing support for their construction projects to remain undisrupted by financial problems.
The support is mostly for small and medium-sized builders, the ministry said. Most of them are building houses in Libya, which could be an easy target of attacks. A forced delay in construction and destruction of equipment were also cited as a
possible threat to the builders.
The ministry noted that it is preparing measures, including legal actions to seek compensation from the Libyan government, for any damage inflicted to Korean builders when the situation gets under control.