Also, the Bank will conclude agreements with corporations and related institutions to induce active participation in project reviews from the very beginning of projects and provide SMEs with manufacturing funds and business consulting services to help them develop a comprehensive export process encompassing development and manufacturing to marketing.
To support SMEs with strong technological and growth potential in the new growth sector, the Bank will provide indirect assistance to help SMEs secure stable sales channels with major corporations and provide KRW 200 billion annually in financing to reduce funding burdens. As the first step in such plans, Korea Eximbank concluded an MOU for export of cultural contents with the Korea Creative Content Agency.
3. Seed
Korea Eximbank will increase support for marginalized sectors such as multicultural families by contributing 0.5% of the profit from activities related to overseas projects of large corporations last year. In doing so, the Bank aims to foster seeds of hope by such sectors.
In addition, the Bank will raise its budget for social contributions by 50% next year to KRW 3 billion.
Long-term plans of the Bank to fulfill its social responsibilities include financial and pro-bono service contributions to assist immigrant brides, North Korean defectors, and their children adjust to Korean society and find jobs.
President & Chairman Yong Hwan Kim stated, “As demonstrated by recent innovations in mobile applications and software, collaboration between large corporations and SMEs can have great impacts. The Global PaSS Program is significant in that it fosters such mutual growth between corporations and SMEs in the medium to long-term as a comprehensive program for shared growth, by assisting in the establishment of sales foundations such as conclusion of long-term procurement contracts. However, most of current SME support programs have focused more on short-term impacts achieved through low interest rates.”
In order to fully implement the Global PaSS Program next year, Korea Eximbank will continue to develop the program and conclude additional MOUs with major corporations such as Hyundai Motors and Doosan Groups.