Gibo, Cultural Industry Completion Guarantee Support for the Growth of Korean Animation

Business Agreement between Korea Animation Industry Association and Partners

Jokyung Hoon, President of the Korea Animation Industry Association (left), and Jang Younggyu, Head of the Kibo Seoul Western Regional Headquarters, are posing for a commemorative photo after the signing ceremony.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 17th that it has signed a 'Business Agreement for the Development and Financial Support of Animation Content' with the Korea Animation Industry Association (Chairman Jo Kyung-hoon, hereinafter referred to as the Association).

This agreement was established to contribute to the development of the Korean animation industry, which has been stagnant due to COVID-19, by discovering planning or production companies with excellent content and strengthening financial support.

According to the agreement, when the Association recommends small and medium-sized enterprises developing high-quality animation or preparing for broadcasting to Kibo, Kibo will actively support the innovative growth of animation through technology evaluation and cultural industry completion guarantees.

Kibo and the Association plan to build a dedicated channel for the rapid discovery and funding support of excellent animation SMEs, and provide total services including financial support such as guarantee fee reductions and direct investments, as well as non-financial support like consulting for animation companies.

To foster the cultural content industry including animation, Kibo introduced a customized dedicated product called the Cultural Industry Completion Guarantee in 2009, supporting 1,380 projects with 755.1 billion KRW up to last year. In January this year, Kibo additionally established the Daejeon Cultural Content Finance Center, building four dedicated cultural content sales offices nationwide, and plans to expand the support scale of the Cultural Industry Completion Guarantee to 135 billion KRW.

Jang Young-kyu, head of Kibo’s Seoul Western Regional Headquarters, said, "Kibo is a specialized institution that first introduced the Cultural Industry Completion Guarantee for the development of the cultural content industry, which is the foundation of the K-content Hallyu wave," and added, "We will faithfully serve as a stepping stone for the global advancement of K-animation through this agreement."

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