Three major policy banks in South Korea are creating a joint fund worth 700 billion won to support the overseas expansion and growth of small, medium, and venture enterprises.
The Korea Development Bank, IBK Industrial Bank, and Korea Export-Import Bank announced on September 7 that they will jointly launch the 'Policy Financial Institutions Global Scale-Up Cooperation Fund.'
Each of the three banks will contribute 150 billion won, totaling 450 billion won, with additional private funds expected to bring the total to 700 billion won. The fund will be used to support innovative growth, expand productive finance, and provide growth capital for small, medium, and venture enterprises as they seek to enter international markets.
The Korea Development Bank aims to enhance support by leveraging its investment and financial capabilities for growing companies, while IBK Industrial Bank will utilize its financial foundation for small businesses, and Korea Export-Import Bank will focus on its expertise in overseas expansion and export financing.
This funding initiative is part of the seven key collaborative projects established by the 'Policy Financial Institutions Council,' which was launched in March to promote productive finance and discover joint cooperation projects among policy financial institutions.
The three policy banks plan to continue expanding collaboration among policy financial institutions to play a leading role in the venture capital market and strengthen the supply of innovative growth and productive finance.
* This article has been translated by AI.
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