The Korea Technology Finance Corporation (hereinafter referred to as “KIBO”) announced that it signed an “Aerospace Industry Mutual Cooperation Business Agreement” with Woori Financial Group (hereinafter referred to as “Woori Financial Group”), Korea Aerospace Industries, Ltd. (hereinafter referred to as “KAI”), and the Korea Aerospace Industries Association (hereinafter referred to as the “Association” ) at the Woori Bank headquarters on the 9th.
This agreement was prepared to proactively support small and medium-sized enterprises in the aerospace industry that are experiencing difficulties amidst domestic and international uncertainties such as the recent reorganization of the global supply chain and export restrictions, and to support the revitalization of the private-sector-led aerospace industry.
According to the agreement, each organization will establish an organic mutual cooperation system, jointly discover excellent technology companies in the aerospace field, and link them with customized financial support. Through this, the plan is to increase financial accessibility for aerospace industry companies and support the strengthening of competitiveness across the industry.
In addition, Kibo signed a separate detailed agreement with Woori Bank, KAI, and the association to provide a maximum of KRW 113 billion in agreement guarantees based on Woori Bank's special contribution and guarantee fee support.
Kibo will support a special contribution agreement guarantee worth 40 billion won with a special contribution fund of 2 billion won as a financial resource, and will apply preferential provisions such as ▲increase in the guarantee ratio (85% → 100%, for 3 years) and ▲reduction of guarantee fee (up to 0.3%p↓, for 3 years). In addition, Kibo will supply a guarantee fee support agreement guarantee worth 73 billion won based on Woori Bank’s guarantee fee support fund of 1 billion won, and Woori Bank will support the guarantee fee (up to 0.8%p, for 2 years).
The support target is ▲ companies recommended by KAI or the association among new technology business operators who meet the technology guarantee requirements of Kibo ▲ small and medium-sized enterprises engaged in the aerospace industry.
Kim Jong-ho, CEO of Kibo, said, “With this agreement, a systematic cooperation plan has been established to support the competitiveness and innovative growth of the aerospace industry, which is focused on cutting-edge technology.” He added, “Kibo will continue to respond to the reorganization of the global supply chain through active policy financing support for aerospace companies and strive to help the aerospace industry establish itself as a key national industry.”
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