Woori Bank and Kibo to Provide 100 Billion KRW in Agreement Guarantees for Companies Reducing Greenhouse Gas Emissions

[Asia Economy Reporter Song Seung-seop] Woori Bank announced on the 26th that it will establish a mutual cooperation system with the Korea Technology Finance Corporation (Kibo) to promote the ‘Carbon Value Evaluation Guarantee’.

The Carbon Value Evaluation Guarantee is a system in which Kibo converts the greenhouse gas reduction effect into monetary value and then provides an additional guarantee limit. Preferential benefits are given in guarantee ratios and guarantee fees.

Woori Bank signed a ‘Financial Support Agreement for the Expansion of Carbon Neutral Management’ with Kibo and decided to contribute guarantee fee support funds to Kibo. Kibo will support a 100 billion KRW scale agreement guarantee for companies expected to reduce greenhouse gases. Eligible companies will receive support for a 0.5 percentage point guarantee fee for up to 2 years, and guarantee fees will be supported up to 0.4 percentage points for up to 5 years.

A Woori Bank official stated, “We will do our best to fulfill the role of financial institutions in realizing carbon neutrality by supporting the government’s carbon neutrality policy and private sector innovative growth,” adding, “We will contribute to mitigating environmental and social risks and realizing a sustainable future.”