CH9 : IDA

That evening.

I only returned to my boarding house when it was already dark.

The moment I crossed the threshold, I collapsed to the floor.

After wandering around all day, the physical and mental fatigue was no joke.

I could have come back earlier, but I spent the evening making business cards engraved with Daese Industries.

A businessman couldn't walk around without a business card.

"Phew..."

My body was exhausted, but my mood was good.

Securing a fabric factory and a yarn factory... I practically set everything up.

Neither factory is producing good products yet, but with proper operating funds, yarn and fabric will pour out.

"Is there any food?"

I crawled across the floor and opened the side door leading to the kitchen. A basket was overturned.

When I lifted the basket, I found rice and kimchi.

Sam-bok, you angel! Sam-bok, you stylish guy!

I had a moment of reverence for Sam-bok and devoured the rice and kimchi.

Was I so hungry? Why does it taste so good?

Ah, now that I'm full, I'm getting so sleepy.

'...I should cook some rice for Sam-bok before he comes... where's the rice... so sleepy.'

I thought I should cook rice for Sam-bok, but I couldn't resist my heavy eyelids.

***

"Hey!!!"

"Aagh!"

Someone pinched my cheek and woke me up with a scream.

It was Sam-bok. He was pinching my cheek with one hand and pointing at the empty rice bowl with the other.

"Hey, no matter what, waking me up like..."

I was sorry for not having made the rice.

But waking me up so roughly, I was about to punch him, but I couldn't.

"Hey, you ate alone... I skipped lunch too..."

He was crying.

In just one day, his cheeks seemed even thinner.

"What have you been doing until now without eating anything? You could have bought something to eat."

It was past 10 PM, and he hadn't eaten lunch or dinner?

"Those damn bank bastards. They said they were reviewing but went off for lunch, then after lunch handled other matters, and just before closing said they needed to settle accounts and told me to come back tomorrow. Bastards. Do they think they can treat people like this just because they have money?"

Sam-bok was so hungry that he started eating kimchi without rice.

"What, you couldn't even talk to them? Didn't you show them the export contract?"

"I showed it to them. But they just laughed. They asked if you would believe a company that was registered today could sign such a contract."

It was natural for them to be suspicious since the contract date was before the company registration date.

"So?"

"I told them to send a telex to Singapore to confirm it. I said the contract was real."

A telex is an international telegram system used in the 60s and 70s.

It disappeared quickly with the advent of international phone calls and fax machines.

"And then?"

"They asked why they should confirm it. They said they needed proof that the export contract was real to approve a loan."

"Typical fraud-ridden country. So, why didn't you just come back? Did you stay there?"

It was common then to try and scam banks.

"How could I come back? The first delivery date is two months away, and we need money to produce the goods."

"If they said such things, it means they don't want to lend us money. They just said it indirectly."

I was frustrated.

The rice was slightly undercooked, but I put it in front of Sam-bok.

"Hot!"

He hurriedly took a spoonful of rice and, finding it hot, mixed it with kimchi soup.

Undercooked rice.

That's exactly how our business felt.

"...Damn, my palate is burnt... Chan-soo, at least there's something we gained. If our contract is real, they said we could challenge for a World Bank loan."

After eating, his expression brightened a bit.

"A World Bank loan?"

"There's a fund in the World Bank to help developing countries like ours. They said they're investing 200 million dollars to create a petrochemical complex in Ulsan."

"No way... Is it the IDA loan?"

"How did you know? They said it's the IDA loan."

How could I not know?

Anyone even slightly involved in plants would know.

Korea's plant industry began with the Ulsan petrochemical complex.

In fact, the entire industry of our country grew thanks to the Ulsan complex.

Modern industry without oil is unimaginable.

Anyway, the money used to build that Ulsan complex was the IDA loan, which we can call the International Development Association loan.

The struggles of the previous generation to secure that IDA loan were legendary stories for junior engineers like me.

I heard that when they first announced they would build a petrochemical complex on a barren field with only a few thatched houses on the hillsides of the Taehwa River in Ulsan, the World Bank inspection team laughed.

At first, the inspection team was going to refuse the loan, saying it was a ridiculous idea, but the person who had come as the World Bank's advance team turned the situation around.

I heard he was a huge pro-Korean and submitted a report to the US government insisting Korea should receive the loan.

The report was so strongly worded that the US government immediately approved the loan.

Giving such a huge loan of 200 million dollars to a single country was almost unprecedented outside of Korea.

What was that man's name again?

When seniors told the story, I only listened half-heartedly, but now I had to find that man.

"What does it matter how I know? Anyway, what did the bank say? Can we get the loan?"

A loan meant dollars.

Dollars were like wings for an exporter like me.

"I waited until they left through the back door, and then they told me. They said any company related to oil exports could try for the IDA loan. Aren't we also exporting synthetic fibers? The Johong Bank officer said he would prepare the documents for us to join, but of course, it wouldn't be free. Damn bastard."

He cursed while getting the information. Good job, Sam-bok.

"If it's not free, a commission?"

"If we get foreign funds, the Industrial Bank will also lend the same amount in local funds. They want 3% of that money as a commission."

We could get the same amount of local funds if we get foreign funds?

It's surprising, but it seems that was the way in the 60s.

"3%? That's absurd."

"It means everyone from the bottom to the top wants to take a cut. It's dirty, but we might have to give it to get the loan."

The local-foreign fund relationship was absurd, but the commission rate was even more so.

It was well known that bribes were part of bank loans, but 3%?

If we borrowed 100,000 dollars, they wanted 3,000 dollars.

They wanted bribes from money brought in for national development?

The financial sector in the 60s was really a mess.

"What are you saying? Giving 3% as a commission? Don't meet with the Johong Bank people anymore."

"Chan-soo, it's dirty but we have no choice. This is a rare opportunity. Even if we don't get the IDA loan, the Industrial Bank will still lend us enough local funds with those documents."

"We can borrow from somewhere else."

"Borrow from somewhere else? Just to buy yarn, we need at least 20 million won, and with the down payment to subcontractors, we need 30 million won."

Wow, he even calculated the money.

If we need 30 million won, we should borrow around 60 million won to use comfortably.

Once we start exporting, 400,000 dollars will come in soon, so repaying the loan won't be a problem.

"Don't worry, you did well enough. Leave the rest to me."

"Leave the rest to you?"

"I'll show you how this hyung borrows money. You take care of acquiring the Seongsu-dong factory. Look into the acquisition costs, unpaid wages, and organizing the office."

I handed him the ledger of the Seongsu-dong factory I had brought.

It's currently Suil Synthetic but will soon be renamed Daese Industries.

"What? Didn't you go to find subcontractors?"

"I was going to, but we need our own factory first. Only then can we export quality fabric."

Without a direct factory, we'd be at the mercy of subcontractors.

We'd end up with expensive, shoddy products.

Selling cheap products might work initially, but any capable competitor would quickly drive us out of the market.

"You're building our own factory?"

"We're not doing business for just a day or two. We need to start properly."

"Are you crazy? Or brave?"

"Say I'm smart."

"Ha..."

Sam-bok sighed and started scraping the cold rice from the pot.

He looked like his life was over.

He must have already resigned from his company, and the work I was giving him seemed absurd, so his reaction was natural.

"I should wash my feet and go to bed."

"Ah, after visiting Suil Synthetic, there's a company called Hyesung Nylon nearby. Get some yarn samples from them. They should be producing now."

"... What? Hyesung Nylon? Yarn samples? Are you saying you're going to use domestic yarn?"

"Of course."

"You're determined to fail!!!"

"Getting caught smuggling would ruin us too."

"...Why did I resign? Why does my friend torment me so?"

Sam-bok filled a wash basin with water and started angrily washing his face.

"What torment? Didn't I promise to make you live grandly?"

"Live grandly... Damn it... Just help me make ends meet. I'll carry you on my back for life!"

He got frustrated and splashed the wash water into the yard.

He was annoyed, but he never said he wouldn't do the work. A reliable guy.

***

The next day, the morning sun rose again.

Until the company was properly set up, every second counted.

To meet the delivery schedule in two months, honestly, we should start weaving fabric now.

"Good luck, Sam-bok."

"Yes, boss. Please, make sure to get the money. Please."

His words were polite, but his expression was not. He rubbed his forehead against mine, making a pledge.

If we didn't get the loan for the work we had started, we'd be labelled as scammers with no excuse.

"Trust me, Sam-bok."

"Yes, I trust you."

I knocked my forehead against his, and he finally laughed and headed towards Seongsu-dong.

We headed in completely opposite directions from yesterday.

Today, I was going to Bando Hotel.

**

「Bando Hotel」

Bando Hotel was a prestigious hotel that dominated the 60s, alongside Chosun Hotel.

In the 70s, as more luxury hotels were built and its facilities became outdated, it lost its reputation and was demolished. But at this time, it was undoubtedly the best hotel in Seoul.

"What? It's only an eight-story building?"

I couldn't believe Bando Hotel, a landmark of Euljiro, was this small.

Even worse, they were demolishing old houses next to the hotel and stacking bricks for new construction.

Doing construction without any partitions next to a luxury hotel was unimaginable in the 21st century.

But back then, there were no such buildings in Seoul, so the lower floors were used half as offices and the other half as hotel rooms.

So, the person I was looking for was in one of the offices from the first to the fourth floor.

'David, the East Asia officer of the World Bank.'

He's the one who granted Korea the IDA loan of 200 million dollars.

I spent the night recalling his name.

He's the angel who would lend me money too.

Find him! David!