Kibo Partners with Korean Film Producers Association to Support Film Industry

Driving Innovative Growth through Discovery and Support of Outstanding Film Content

Kim Young-chun, Director of Kibo (left), and Lee Eun, President of the Korean Film Producers Association, are taking 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 16th that it has signed a comprehensive business agreement for a win-win partnership to support the innovative growth of small and medium-sized enterprises in the film industry with the Korea Film Producers Association (President Lee Eun, hereinafter referred to as the Association). This agreement was prepared to strengthen financial support by discovering excellent small and medium-sized enterprises producing film content for the development and sustainable growth of the Korean film industry.

According to the agreement, the Korea Film Producers Association will discover and recommend excellent film content production companies, and Kibo plans to provide customized services such as guarantee fee reductions, direct investment, content intellectual property protection, and technology trust for companies recommended by the Association.

Kibo introduced the Culture Industry Completion Guarantee in September 2009, the first of its kind in the financial sector, to focus on fostering the cultural content industry including films. In addition, it has established four dedicated cultural content sales centers nationwide, called Cultural Content Finance Centers, and as of the end of May, it has supported 1498 projects with 802.1 billion KRW. This year, the scale of new support for the Culture Industry Completion Guarantee has also been expanded to 135 billion KRW.

Kim Young-choon, Director of Kibo, said, "As a first mover in supporting the content industry, Kibo will prepare for the post-COVID-19 era and actively support the film industry, which has a high employment creation effect, to faithfully serve as a stepping stone for the global advancement of K-movies so that 'the second Parasite' and 'the second Minari' can emerge." He added, "We will strive to establish various collaboration models for the development of the content industry through this agreement."

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