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Korea Eximbank to create fund for strategic industries

Collected: 2024.03.26

Distributed: 2024.03.27

Source: Go Direct

[Courtesy of Korea Eximbank]

The Export-Import Bank of Korea (Korea Eximbank) will act as an investor in funds to support the growth of advanced strategic industries such as semiconductors, batteries, biotech, future mobility, and advanced electronics.

Korea Eximbank said on Monday that it will invest 150 billion won ($112.14 million) to create a fund that focuses on advanced strategic industries. The fund aims to raise a total of 1 trillion won by attracting private investments.

The fund will support a total of 69 items across five advanced strategic industries. Preferential benefits in the terms of interest rates and loan limits among others will also be provided to companies benefiting from the support program.

Korea Eximbank plans to allocate part of the profits earned to the fund manager as an incentive, based on the performance of companies invested in by the fund if they acquire new environmental, social, and governance (ESG)-related certifications. This is intended to promote sustainable growth of the Korean economy by inducing managers and investee companies to internalize ESG management.

By Park Na-eun and Yoon Yeon-hae

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