40 Trillion Won Draft Fund Launched... Aiming to Enhance Competitiveness of Key Industries

Inauguration Ceremony at KDB Headquarters on the 28th... Appointment of 7 Members to the Ki-An Fund Management Deliberation Committee
Eun Seong-su, Financial Services Commission Chairman: "One of the Most Important Values of the Fund is Employment Stability"
Lee Dong-geol, KDB Chairman: "The Fund Will Serve as a Strong Breakwater for Key Industries"

Eun Seong-su, Chairman of the Financial Services Commission (fifth from the left), Lee Dong-geol, President of the Korea Development Bank (fourth from the left), and other members of the Fund Management Deliberation Committee are taking a commemorative photo at the launch ceremony of the Industrial Stabilization Fund held at the Korea Development Bank in Yeouido on the 28th.

[Asia Economy Reporter Kangwook Cho] The 40 trillion won-scale Industrial Infrastructure Stabilization Fund to safeguard the foundation of our economy and jobs has officially launched.

On the 28th, the Korea Development Bank (KDB) held the launch ceremony of the "Industrial Infrastructure Stabilization Fund" (IISF) at its headquarters in Yeouido, Seoul, attended by Eun Sung-soo, Chairman of the Financial Services Commission, Lee Dong-geol, Chairman of KDB, and members of the Fund Management Committee. They announced the start of full-scale efforts to enhance the competitiveness of key industries.

Going forward, seven members were appointed to the IISF Management Committee responsible for overseeing and operating the fund: two recommended by the National Assembly, and one each recommended by the Ministry of Economy and Finance, Ministry of Employment and Labor, Financial Services Commission, Korea Chamber of Commerce and Industry, and the Chairman of KDB.

The new committee members include: Oh Jung-geun, a financial expert with long experience at the Bank of Korea and current President of the Korea Financial ICT Convergence Society; Professor Kim Sung-yong, a leading academic in corporate restructuring systems; Kim Joo-hoon, a distinguished researcher in domestic manufacturing at KDI; Noh Kwang-pyo, Director of the Korea Labor and Society Institute and expert in government labor policy; Lee Sung-kyu, former CEO of United Asset Management (UAMCO) who managed corporate restructuring after the IMF bailout; Professor Shin Hyun-han of Yonsei University, a corporate finance specialist and author of "CEOs, Become Financial Stars!"; and Kim Bok-gyu, Vice President of KDB and corporate finance expert.

In his congratulatory remarks, Chairman Eun emphasized, "Timely financial support to companies is of utmost importance. Given that the IISF has been established with a large scale of 40 trillion won, please ensure that sufficient funds are supplied to companies in need so they can quickly overcome difficulties."

He continued, "One of the most important values of the fund is employment stability. I urge the committee members to fully exercise their wisdom and insight to find a reasonable harmony and balance among the three goals of timeliness, sufficiency, and achieving employment stability."

He added, "Even if a company is not eligible for IISF support, necessary assistance tailored to the company's circumstances will be provided within the framework of the livelihood and financial stability package program."

Chairman Lee Dong-geol, in his commemorative speech, requested, "I ask the committee members to cooperate so that the Industrial Infrastructure Stabilization Fund can excellently serve as a strong breakwater to protect Korea's key industries."

At the first meeting held after the launch ceremony, deliberations were conducted on the fund's internal regulations, fund operation plans, and the issuance limit of IISF bonds amounting to 40 trillion won.

A KDB official stated, "Through deliberations by the Fund Management Committee, we plan to provide timely and appropriate financial support to companies that have a significant impact on the national economy and employment stability, using various methods suited to corporate conditions such as loans, underwriting stock-related bonds, asset purchases, and debt guarantees."

This content was produced with the assistance of AI translation services.