Here’s how MTI intends to ease the financing woes of marine & offshore engineering firms

SINGAPORE (Nov 25): The Ministry of Trade and Industry (MTI) will be introducing a scheme of support measures tailored specifically to help Singapore’s marine and offshore engineering (M&OE) industry address the “intensifying financing challenges” it has been facing in recent months as a result of a “unique and prolonged slowdown”.

In a Friday joint release with IE Singapore and SPRING Singapore, MTI says it will enhance IE Singapore’s existing Internationalisation Finance Scheme (IFS) – which provides project/asset financing support for companies – by raising its maximum loan quantum from $30 million to $70 million per borrower group for M&OE companies.

The ministry also intends to re-introduce SPRING’s Bridging Loan (BL) offering for Singapore-based companies in the M&OE industry, which MTI says will help to finance their operations and bridge short-term cash flow gaps.

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