South Korea to provide financial support to Kaesong Industrial Zone

South Korea has decided to provide additional financial support for companies that formerly operated at the now shut-down Kaesong industral complex inside North Korea, the Ministry of Unification said on Friday.

The decision was made to help companies cope with sudden changes in government policy, said Vice Unification Minister Chun Hae-sung in a media briefing.

The ministry said financial support would total 66 billion won ($59.06 million). It was not immediately clear whether the financial aid would be in the form of loans or a cash payout. ($1 = 1,117.5000 won). 

Kaesong Industrial Zone is the special administrative industrial region of North Korea. It was formed in 2002 and in 2016 South Korean Government shut down Kaesong firms temporarily. 

President of South Korea Moon Jae-in wishes to reopen and expand the region.

Kaesong industrial park operated as a collaborative economic development with South Korea