Singapore to Give Loans to Help Struggling Oil-Linked Companies
- Economy forecast to grow 1 percent to 1.5 percent this year
- More than 25,000 jobs axed in Singapore’s marine industry
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Singapore will provide financing support to the country’s marine and offshore engineering companies to help ease some of the liquidity problems the industry has been facing amid weak oil prices.
Companies in that sector will have access to borrow as much as S$5 million ($3.5 million) each for as long as six years, the Ministry of Trade and Industry said in a statement Friday. The maximum amount a borrower group will have is S$15 million, it said. The loans will be available starting next month, it said.