Busan BPA and 8 Other Public Institutions Expand Investment Targets to Private Social Ventures... Total Fund Raised 5.17 Billion KRW

Representatives of institutions participating in the fund transfer ceremony are taking a group commemorative photo.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] On the 17th, nine public institutions in the Busan area, including Busan Port Authority (BPA), delivered 1.17 billion KRW raised as the 'Busan Social Economy Support Fund (BEF)' to the Social Enterprise Research Institute, the entrusted management organization, at the 3rd floor of the Busan International Finance Center Camco Maru.

The participating institutions are Korea Technology Finance Corporation, Busan Urban Corporation, Busan Port Authority, Korea Housing & Urban Guarantee Corporation, Korea Southern Power, Korea Securities Depository, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Ocean Business Corporation.

BEF is an abbreviation for Busan Embracement Fund for Social Economic Development, a fund established by nine public institutions in the Busan area since 2018 to support the sustainable growth of social economy enterprises in the Busan region.

The BEF project started in 2018 with a goal of raising a total of 5 billion KRW over five years. After raising 4 billion KRW in the past four years, an additional 1.17 billion KRW was raised this year, achieving a cumulative total of 5.17 billion KRW, which is 103% of the target.

In the past four years, it has also achieved tangible results such as creating 166 new jobs and increasing sales by 5.6 billion KRW.

Starting this year, the BEF financial support project will expand its funding support in the ESG field and spread social value-linked models by extending investment targets to social ventures in addition to existing social economy organizations.

In addition to financial support, nine public institutions including Camco will promote the 'BEF Impact Audition' (tentative name) and the 'Social Value-type SIB (Social Impact Bond)' project using BEF.

The BEF Impact Audition, scheduled to be open for applications between May and June, targets social ventures with high potential for spreading social value linkage and supports financial investment, expert consulting, and investment linkage.

The Social Value-type SIB, accepting applications until June 17, targets social economy organizations and social ventures in the education service and environmental sectors within the Busan area. After screening, up to 50 million KRW will be supported for a total of two companies.

Detailed information regarding application forms and recruitment for the BEF Impact Audition and Social Value-type SIB can be found on the Social Enterprise Research Institute website.

Kang Jun-seok, President of BPA, said, "BEF will continue to serve as a catalyst to enhance the growth of social value-linked models and revitalize the local economy."

Since 2021, BPA has declared the first ESG management strategy among port public enterprises and established three major directions: ▲realizing a sustainable eco-friendly port ▲promoting vitality in the port society through coexistence and cooperation ▲realizing value management of fairness and trust, and is carrying out ESG management accordingly.