Woori Financial Group Establishes 500 Billion Won Regional Development Infrastructure Fund

Woori Financial Group announced on the 17th that it would establish a 500 billion won 'Woori Regional Development Infrastructure Fund' for balanced growth in non-metropolitan areas. This fund aims to improve the financial structure by enhancing the self-sufficiency of regional economies, mitigating the concentration of financial capital in the metropolitan area, and strengthening the regional industrial base, in conjunction with national tasks promoted by the government.

The fund will allocate over 70% of its assets to non-metropolitan infrastructure and link with the National Growth Fund. Key investment targets include the 400MW solar power project in Haenam and the 76.2MW offshore wind power project in Gochang. Woori Asset Management will exclusively manage the fund, commencing asset inclusion in April 2024. Notably, the Gochang offshore wind power project is designed with a community participation structure to return profits to the local area.

Beyond energy projects, Woori Financial Group is considering expanding its investment scope to include social overhead capital such as local expressways, environmental infrastructure like wastewater treatment facilities, and advanced digital infrastructure projects. These measures are intended to establish a structure where local production, employment, and investment are interconnected.

The fund's capital will be fully contributed by affiliates of Woori Financial Group, including its bank, insurance, and securities arms. A Woori Bank official stated, "This fund is an infrastructure investment model based on policy alignment and long-term stability." He added, "We aim to expand support for regional industrial and infrastructure growth and contribute to national balanced development through linkage with the National Growth Fund."

This article was generated by AI and reviewed by a human.