Hana Financial Group to Provide 60 Trillion Won in Financial Support for the 'Korean New Deal'

Announcement After the First 'Korean New Deal' Strategy Meeting
Hosted by President Moon Jae-in on the 3rd

[Asia Economy Reporter Kim Min-young] Hana Financial Group announced on the 3rd that it will provide a total of 60 trillion KRW in financial support to overcome the COVID-19 crisis and ensure the success of the "Korean New Deal" for economic revitalization.

Hana Financial had previously established the Innovative Finance Council in June last year and set a financial support plan of approximately 50 trillion KRW over five years for investment and loan support.

In addition, this time, it will provide a total of 10 trillion KRW in new funds for financial support of the Korean New Deal projects, including 1.4 trillion KRW for the "Digital New Deal sector" and 8 trillion KRW for the "Green New Deal sector."

Along with credit support from its main affiliate Hana Bank, Hana Financial plans to focus its financial support capabilities on direct and indirect investments by creating New Deal-related funds through affiliates such as Hana Financial Investment, Hana Alternative Asset Management, and Hana Ventures.

To support the Digital New Deal aimed at spreading digital innovation and dynamism across the economy, it plans to concentrate investments in project financing (PF) for large-scale ICT infrastructure construction such as data dams.

Earlier in July, Hana Bank decided to expand corporate finance (IB) support for smart industrial complexes, industrial digital innovation support, and 5G facility investments. It also signed a business agreement with the Ministry of SMEs and Startups and the Korea Technology and Information Promotion Agency for SMEs to promote the advancement of smart factories, committing to provide 100 billion KRW annually in financial support until 2023, thus initiating concrete actions to spread the Digital New Deal.

It will also make large-scale investments in the Green New Deal. Hana Financial plans to strengthen support for green mobility and eco-friendly energy sectors, expanding its role as a market maker through Hana Alternative Investment and Hana Ventures to ensure that market liquidity is invested in New Deal-related production and innovation, while also seeking opportunities to attract capital.

Already, in July, Hana Financial signed a business agreement with Doosan Group to promote the Korean New Deal and agreed to actively cooperate for the success of the Green New Deal through direct and indirect financial support for green energy projects such as wind power and hydrogen fuel cells, including offshore wind power generation, hydrogen fuel cells, and mobile fuel cells.

Furthermore, Hana Financial plans to invest a total of 600 billion KRW in financial support for social safety nets, including specialized products for job creation, aiming to address employment blind spots and promote new job creation efforts simultaneously.

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