The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Wednesday, the 27th, that it signed a “Productive Financial Support Agreement with Regional Banks for Technology-Led Balanced Growth in Korea” with six major regional banks at its Busan headquarters.
This agreement involved seven institutions: Kibo, Gyeongnam Bank, Gwangju Bank, Busan Bank, IM Bank, Jeonbuk Bank, and Jeju Bank. The agreement aims to expand productive financial support to address the crisis of regional extinction and create new growth engines for the local economy.
Under the agreement, the participating organizations will establish a cooperative system to jointly discover local ventures and startups and foster representative strategic industries in each region to drive technology-driven, balanced regional growth. Specifically, they plan to significantly expand financial and non-financial support, including loans (guarantees), direct and indirect investment, local government cooperation, and information sharing, focusing on key industries such as aerospace (Gyeongnam), artificial intelligence (Gwangju), robotics and advanced components (Daegu and Gyeongbuk), maritime and port (Busan), pharmaceuticals and biotechnology (Jeonbuk), and smart tourism (Jeju).
Last year, KIBO provided approximately KRW 2.8 trillion, or 51% of its total new guarantees, to non-metropolitan areas. It also provided approximately KRW 2 trillion in new growth sectors, key future industries. KIBO has consistently strived to foster balanced regional growth and advanced industries. Through this agreement, KIBO plans to strengthen its partnership with the six major regional banks, laying the foundation for the stable growth of local, high-tech SMEs and contributing substantially to the revitalization of the local economy and balanced national development.
Kim Jong-ho, Chairman of Kibo, said, “This agreement is an important turning point that has laid a practical foundation for responding to the reality of a region facing extinction and fostering regional future strategic industries and ventures and startups.” He added, “Going forward, Kibo will expand collaboration with relevant local organizations to support technology-led growth and actively take the lead in enhancing the competitiveness of regional strategic industries and achieving balanced growth.”
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