IBK Industrial Bank of Korea Announces Investment Project for “Policy Financial Institution Global Scale-Up Cooperation Fund”
TECHWORLD ·
✦ AI Summary
IBK Industrial Bank of Korea announced an investment project for the “Policy Financial Institution Global Scale-Up Cooperation Fund” together with Korea Development Bank and Korea Export-Import Bank.
This project is the first joint cooperative result of the “Policy Financial Institution Council,” which launched on March 27, and the target recipients are small, mid-sized, and venture companies.
The three institutions will each invest KRW 150 billion to create a fund worth KRW 700 billion, with proposals accepted until September 30 and a trustee asset manager to be selected in November.
IBK Industrial Bank of Korea announced an investment project for the “Policy Financial Institution Global Scale-Up Cooperation Fund” together with Korea Development Bank and Korea Export-Import Bank. The project aims to foster and support the growth of promising companies leading future new industries, and the announcement was jointly made by IBK Industrial Bank of Korea, Korea Development Bank, and Korea Export-Import Bank.
This investment project is the first joint cooperative result of the “Policy Financial Institution Council,” which launched on March 27. The “Policy Financial Institution Council” was launched to expand productive finance and identify cooperative projects, and the three institutions plan to create a joint fund. The target recipients are small, mid-sized, and venture companies, and the plan is to support growth capital supply, overseas expansion, and company scale-up. The bank said this investment project is the first joint cooperative result of the “Policy Financial Institution Council,” and added that the three institutions will push ahead with supplying growth capital and supporting overseas expansion through a joint fund.
The investment scale is structured as a joint commitment of KRW 150 billion each by the three institutions, while the total committed amount is listed as KRW 40 billion. The fund will total KRW 700 billion and consist of 3 funds: 1 large fund and 2 mid-sized funds. The bank said it expects to combine each institution’s investment and financial support capabilities, and believes this will enable more effective provision of policy funds to companies in need.
The three institutions set September 30 as the deadline for proposal submissions, and after receiving the proposals, they will conduct a joint review and select the trustee asset manager in November.
IBK Industrial Bank of Korea cited the cooperative foundation among policy financial institutions as the background for this initiative. Based on that foundation, it said it will actively respond to funding demand at each stage of growth for promising companies.
In addition, IBK Industrial Bank of Korea said it will continue to play a leading role in the venture capital market and work to expand new growth engines for the Korean economy.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=406611
References
This article was produced with the help of an automated content generation algorithm.
Source: TECHWORLD
View originalThis article was summarized and organized by BizCrush based on the original article from TECHWORLD. For exact quotations and full details, please refer to the original article.