The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Thursday the 11th that it signed a “Business Agreement for Productive Financial Support for Fostering AtoF Future Strategic Industries” with Woori Bank (CEO Jeong Jin-wan) at its headquarters.
This agreement was established to foster technology-driven new industries in line with the government's policy of fostering future growth engines and to establish a practical support system for productive finance.
Under the agreement, KIBO will provide a special contribution guarantee worth KRW 60 billion, funded by a KRW 3 billion special contribution from Woori Bank. KIBO will provide benefits such as an increase in the guarantee ratio (from 85% to 100% for three years) and a reduction in the guarantee fee (down 0.2 percentage points for three years).
In addition, Kibo will provide a guarantee fee support agreement guarantee worth KRW 125 billion based on the KRW 2 billion guarantee fee support fund from Woori Bank, and Woori Bank will support ▲the guarantee fee (0.8%p, for 2 years).
The target of support is a new technology business operator that meets the technology guarantee requirements of the Korea Development Institute (KDI) and operates in six advanced strategic industries: ▲Artificial Intelligence (Ai), ▲Bio, ▲Contents & Culture, ▲Defense, ▲Energy, and ▲Advanced Manufacturing (Factory).
Through this agreement, the two organizations plan to expand preemptive financial support for companies operating in advanced future strategic industries and strengthen their cooperative system to foster an innovative growth ecosystem.
Kim Jong-ho, CEO of Kibo, said, “This agreement has laid the foundation for more stable growth for technology companies leading future strategic industries,” and added, “Kibo will continue to expand collaboration with financial institutions to do its best to strengthen the competitiveness of technology companies and practice productive finance.”
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