Financial Services Commission, Next Year's Budget 4.3 Trillion Won... "Supporting New Deal and Others to Boost Economic Vitality"

Expansion of Funding for Supplying 20,000 More Households with Bogeumjari Loan

Eun Sung-soo, Chairman of the Financial Services Commission / Photo by Dongju Yoon doso7@

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 4th that it has prepared a budget of 4.3 trillion won for next year. This is an increase of 1.3 trillion won (44.8%) compared to this year's main budget (2.9732 trillion won).

The Financial Services Commission explained that next year's budget focuses on supporting economic revitalization and assisting financially vulnerable groups, mainly through equity investment projects.

The Financial Services Commission will invest 600 billion won in KDB Industrial Bank's equity related to the 'New Deal Fund.' In addition, it plans to stabilize the financial market through equity investments of 459.1 billion won in Industrial Bank and 25.2 billion won in IBK Industrial Bank.

The Financial Services Commission also decided to invest 250 billion won in Industrial Bank to establish an Innovation Venture Fund aimed at supporting growth capital for small and medium-sized ventures and mid-sized companies. This is intended to attract private investment funds as seed money.

Along with this, the Financial Services Commission plans to support facility investments in innovative and new growth sectors of small and medium-sized enterprises and mid-sized companies in key industries without delay, through equity investments of 51.2 billion won in Industrial Bank and 14 billion won in IBK Industrial Bank.

Two hundred and four billion won has been allocated to nine fintech development projects, including the operation of Mapo Front One, a startup support center opened last July.

The Financial Services Commission will invest 50 billion won in the Korea Housing Finance Corporation to respond to the expansion of Bogeumjari Loan supply, a long-term fixed-rate and installment repayment mortgage loan.

Through this, the Financial Services Commission expects to provide additional low-interest mortgage loans amounting to about 2 trillion won (an average loan amount of about 100 million won per household) to 20,000 households of non-homeowners and low-income real demanders.

It will also contribute 195 billion won to the Korea Inclusive Finance Agency to continue supplying policy financial products for low-income and low-credit workers, university students, and unemployed youth.

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