"700 billion won fund to be created"...KDB, KEXIM and Industrial Bank of Korea to jointly support promising future-industry companies

[Financial News] Korea Development Bank (KDB), The Export-Import Bank of Korea (KEXIM), and Industrial Bank of Korea will jointly provide financial support to promising companies expected to lead future industries.
On the 7th, the three state-run banks announced the launch of the Global Scale-Up Cooperation Fund of Policy Financial Institutions. The fund will be established based on discussions held by the Council of Policy Financial Institutions, which was launched in March. KDB, KEXIM, and Industrial Bank of Korea will each invest 150 billion won, contributing a total of 450 billion won to support the growth of small and medium-sized enterprises, mid-sized companies, and venture companies. The joint fund, which will total 700 billion won, will support government policies, including innovative growth and productive finance. The Council of Policy Financial Institutions was established to expand productive finance and identify joint cooperation projects among policy financial institutions. It is pursuing seven key joint and cooperative projects, including the creation of this fund.
The three banks expect the fund to serve as an example of more efficiently deploying policy funds where they are needed, as it combines the strengths of each institution. The three state-run banks will accept proposals until the 30th and plan to select the final entrusted fund manager in November after a joint review process.
The three state-run banks said, "We will continue to play a leading role in the venture capital market while responding to government policies, and will maintain cooperation among policy financial institutions to expand innovative growth and productive finance."
[email protected] Park Moon-soo Reporter