Woori Financial Group to Support 43 Trillion KRW for New Deal and Innovative Finance by 2025

[Asia Economy Reporter Kiho Sung] Woori Financial Group announced on the 1st that it held the 'New Deal Finance Support Committee' chaired by Chairman Sohn Tae-seung on the 26th of last month to review the status of New Deal finance and innovation finance support, and decided to further accelerate the momentum by additionally supporting a total of 43 trillion won by 2025.

Woori Financial exceeded its annual New Deal and innovation finance targets by supporting 8.5 trillion won in loans and 800 billion won in investments last year, achieving 9.3 trillion won, which is 140% of the target.

Earlier, in August last year, Woori Financial Group expanded and reorganized the committee into the 'New Deal Finance Support Committee' involving all group companies to lead the 'Korean New Deal' and established a mid- to long-term support plan for New Deal and innovation finance.

First, to support productive sectors with loans, it plans to additionally support loans totaling 40 trillion won, including early support of 1 trillion won through special contributions to policy guarantee institutions.

It intends to expand loan support not only to companies related to digital and green New Deals but also to manufacturing and service companies related to regional New Deals, thereby contributing to strengthening the social safety net.

Additionally, Woori Financial Group plans to actively play the role of a catalyst for the 'Korean New Deal' this year as well by forming its own New Deal fund with participation from all group companies in the investment sector and participating in early investment in the New Deal fund.

Based on its experience as the first private financial sector to establish a New Deal infrastructure fund, it plans to newly establish a 100 billion won Green New Deal fund in the first half of the year and invest 130 billion won in eco-friendly New Deal infrastructure funds, with a total additional investment of 3 trillion won.

Chairman Sohn Tae-seung of Woori Financial Group said, “We will lead the Korean New Deal and independently discover promising New Deal projects to provide focused support,” adding, “I ask that the entire group actively promote New Deal and innovation finance to create group synergy and use it as an opportunity to practice Environmental, Social, and Governance (ESG) management.”