The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Friday the 12th that it had signed a “Financial Support Agreement for Strengthening Defense Industry Exports and Technology Competitiveness” with the Industrial Bank of Korea (President Kim Seong-tae, hereinafter referred to as “IBK”) and the Defense Industry Mutual Aid Association.
This agreement was promoted to support export expansion and stable growth of small and medium-sized enterprises in the defense industry in response to the government's K-defense industry promotion strategy and increasing global demand.
According to the agreement, Kibo will provide a total of KRW 200 billion in agreement guarantees based on special contributions and guarantee fee support from Industrial Bank of Korea.
KIBO will provide a special contribution agreement guarantee worth KRW 100 billion, funded by a special contribution of KRW 5 billion. It will also apply preferential benefits, including an increase in the guarantee ratio (from 85% to 100%, for three years) and a reduction in guarantee fees (down by 0.3 percentage points, for three years). Furthermore, KIBO will provide a KRW 100 billion guarantee fee support agreement guarantee, based on a KRW 1.5 billion guarantee fee subsidy from Industrial Bank of Korea. Industrial Bank of Korea will provide guarantee fee support (up to 0.5 percentage points, for three years).
The target of support is ▲ a new technology business operator that meets the technology guarantee requirements of the Korea Development Institute and ▲ a company recommended by the Defense Industry Mutual Aid Association and ▲ a small and medium-sized enterprise engaged in the defense industry.
Based on this agreement, each organization will jointly discover small and medium-sized enterprises (SMEs) in the defense industry and establish an organic cooperative system, including linking them with customized warranty support, thereby joining forces to enhance the competitiveness of the domestic defense industry as a whole.
Kim Jong-ho, Chairman of Kibo, said, “Through this agreement, we have established a foundation for financial support that will intensively foster the defense industry, a future growth engine, and enhance its competitiveness.” He added, “Going forward, Kibo will expand collaboration with related organizations to provide comprehensive support for the global expansion and stable growth of domestic defense companies.”
- See more related articles
You must be logged in to post a comment.