Saneun Launches $1.2 Billion 'KDB Green Ocean Fund'
Promotion of Eco-friendly Marine Ecosystem Development
[Asia Economy Reporter Jin-ho Kim] Korea Development Bank announced on the 2nd that it will actively operate the ‘KDB Green Ocean Fund,’ a $1.2 billion fund established to support eco-friendly ships and marine infrastructure.
The 'KDB Green Ocean Fund' targets investments in the introduction of eco-friendly ships by domestic and international shipping companies as well as marine infrastructure. KDB will serve as the lead investor by investing up to $840 million (70% investment ratio) of the total $1.2 billion, while the Korea Ocean Business Corporation and financial institutions such as banks and securities firms will participate as financial investors (FI), and shipping and shipbuilding companies will join as strategic investors (SI).
KDB explained that it plans to take the lead in providing financial support necessary for expanding eco-friendly ships and building marine infrastructure, contributing to strengthening the long-term competitiveness of national shipping companies by promoting the introduction of eco-friendly ships.
On the same day, KDB announced that it executed its first project investment jointly with domestic financial institution investors such as securities firms. This is the first financial support case in Korea for container equipment equipped with Internet of Things (IoT) devices, linked with a mid-sized national shipping company and a logistics IT startup to promote the digitalization of shipping logistics business. Investors including KDB invested 40 billion KRW.
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Park Young-ho, Head of KDB’s Marine Industry Finance Division, stated, “Along with the existing ship finance sector including eco-friendly ships, we will also support marine infrastructure such as smart logistics and eco-friendly port investments, helping the domestic shipping industry secure mid- to long-term growth momentum in response to environmental regulation issues.”
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