IBK Industrial Bank Holds Closing Ceremony for '2nd Technology Innovation Fund' Investment with Ministry of Industry

by Song Hwajung

Published 20 Apr.2022 10:27(KST)

IBK Selected as Dedicated R&D Bank... Supporting Corporate Innovation Activities with a Total Investment of 180 Billion KRW

IBK Industrial Bank Holds Closing Ceremony for '2nd Technology Innovation Fund' Investment with Ministry of Industry

[Asia Economy Reporter Song Hwajeong] IBK Industrial Bank of Korea announced that it will hold the "2nd Technology Innovation Fund Investment Capital Formation Ceremony" on the 20th at the Vivace Hall of InterContinental COEX in Samseong-dong, Seoul, together with the Ministry of Trade, Industry and Energy.

The Technology Innovation Fund is a fund led by the Ministry of Trade, Industry and Energy, established with a total of 500 billion KRW over three years starting in 2020, aimed at focusing investment on corporate research and development activities. With the completion of the 2nd capital formation this time, full-scale investment activities in innovative companies will begin.

Following the 1st fund, which raised 176.3 billion KRW last year, the 2nd fund has been finally formed with a total scale of 340 billion KRW, exceeding the initial goal of 500 billion KRW. The fund size is expected to expand further if government contributions or profitability increase.

IBK Industrial Bank of Korea plans to invest a total of 180 billion KRW over three years, contributing 60 billion KRW each to the 1st and 2nd funds, to support the technological innovation activities of small and medium-sized enterprises and mid-sized companies.

Previously, IBK Industrial Bank of Korea was selected as the top priority for the "R&D Dedicated Bank System," which concentrates the Ministry of Trade, Industry and Energy's annual research and development (R&D) budget of 5.5 trillion KRW in the bank.

An IBK Industrial Bank of Korea official stated, "We are honored that IBK Industrial Bank of Korea will support innovative companies leading national competitiveness with a new goal as a venture capital specialized bank through the Technology Innovation Fund," and added, "We will continue to fulfill our role as a policy financial institution so that innovative companies with excellent technological capabilities can leap into global enterprises."