Woori Bank and Shinbo Join Hands to Activate 'Joint Project Guarantee'

Woori Bank signed a business agreement with the Korea Credit Guarantee Fund on the 7th at the Woori Bank Headquarters Gwangtonggwan in Jung-gu, Seoul, to promote joint project guarantees. Kwon Kwang-seok (right), President of Woori Bank, and Yoon Dae-hee, Chairman of the Korea Credit Guarantee Fund, are taking a commemorative photo.

[Asia Economy Reporter Jin-ho Kim] Woori Bank announced on the 7th that it has signed a "Business Agreement for the Activation of Joint Project Guarantees" with the Korea Credit Guarantee Fund (KODIT). The signing ceremony was attended by Kwon Kwang-seok, President of Woori Bank, and Yoon Dae-hee, Chairman of KODIT.

The "Joint Project Guarantee" is a system where KODIT evaluates the feasibility of projects jointly promoted by large corporations and their partner companies and provides guarantees to the partner companies. This agreement was established as the first of its kind in the banking sector, with Woori Bank and KODIT building a mutual cooperation system to expand financial support for innovative projects across various fields.

Woori Bank will contribute funds to KODIT, which plans to provide 100 billion KRW in "Joint Project Guarantee Fee Support Agreement Guarantees" to companies participating in projects. For eligible companies, the full guarantee fee for the first year (0.8 percentage points) and 0.3 percentage points for the following two years will be supported to alleviate financial cost burdens.

Additionally, both parties will share systematic systems and know-how for corporate finance support and actively discover innovative projects involving participation from large corporations and their partner companies.

A Woori Bank official explained, "Through this business agreement, we will provide differentiated financial services as a financial partner for the mutual growth of large corporations and small and medium-sized enterprises together with the Korea Credit Guarantee Fund."

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