Kibo-Woori Bank Signs 'Financial Support Agreement for Overseas Expansion Companies'

Contributing to Resolving Financial Difficulties of Overseas Expansion Companies and Enhancing Global Competitiveness

Kim Young-chun, Director of Kibo (left), and Seo Young-ho, Executive Director of Woori Bank, are posing for a commemorative photo after signing the "Financial Support Agreement for Overseas Expansion Companies" at Woori Bank Headquarters in Jung-gu, Seoul on the 20th.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 20th that it signed a 'Financial Support Agreement for Overseas Expansion Companies' with Woori Bank at Woori Bank's headquarters in Jung-gu, Seoul.

Kibo plans to actively promote the overseas expansion guarantee system in connection with the government's New Southern Policy, supporting approximately 100 billion KRW this year. The overseas expansion guarantee is a product designed to support domestic parent companies that have or plan to establish overseas subsidiaries for business expansion. It consists of the 'Overseas Investment Fund Guarantee,' which guarantees funds used to acquire shares of overseas subsidiaries or long-term loans to subsidiaries, and the 'Overseas Business Fund Guarantee,' which guarantees payment through letters of credit for the commercialization funds of overseas subsidiaries.

Kim Young-choon, Director of Kibo, stated, "Through the agreement with Woori Bank, which has an excellent global network, we expect that more companies will be able to receive support through the overseas expansion guarantee." He added, "Furthermore, we will spare no effort and support to help companies with outstanding technological competitiveness establish themselves as leading companies in overseas expansion."

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