Six Policy Financial Institutions Sign Agreement to Expand Productive Finance Support

Six policy financial institutions have joined forces to expand financial support that fosters corporate growth and creates jobs. On the 27th, the Credit Guarantee Fund (CGF), alongside the Korea Development Bank (KDB), Industrial Bank of Korea (IBK), Export-Import Bank of Korea (Eximbank), Korea Trade Insurance Corporation (K-SURE), and Korea Technology Finance Corporation (KOTEC), signed a business agreement to broaden 'productive finance' and pledged to contribute to national goal achievement through joint projects. This collaboration was established to form a 'Policy Financial Institutions Council' to advance seven key joint initiatives for realizing national objectives.

The seven areas of focus for the council include expanding productive finance support and leading private finance, supporting the operation of the National Growth Fund, increasing regional finance, and strengthening support for ventures and startups. It also encompasses the creation of joint funds to bolster the venture capital market and innovation ecosystem, the establishment of a system for fostering corporate green transformation (GX) and climate tech, and the generation of new growth engines by enhancing the competitiveness of small and medium-sized enterprises (SMEs) and mid-sized companies.

The CGF will concentrate its guarantee supply on supporting the operation of the National Growth Fund, vitalizing regional finance, and strengthening the competitiveness of SMEs and mid-sized companies.

Kang Seung-joon, Chairman of the CGF, stated that it is time for policy financial institutions to break down institutional barriers and pool their wisdom to undertake the national task of a 'great transition to productive finance'. He added that they will discover and implement collaborative projects to ensure the successful establishment of the council.