Kibo Holds 2025 Busan Economic Revitalization Support Fund Delivery Ceremony

Each Institution Contributes 130 Million Won Each

The Korea Technology Finance Corporation (Kibo) announced on June 17 that it held the "2025 Busan Economic Revitalization Support Fund (BEF) Delivery Ceremony" together with eight other public institutions in the Busan area.

Sangchang Lee, Director of Kibo (first from the left), and participants from nine public institutions are taking a commemorative photo at the "2025 Busan Economic Revitalization Support Fund (BEF) Delivery Ceremony." Photo by Kibo

At the ceremony, which took place at the Busan International Finance Center (BIFC) in Nam-gu, Busan, Kibo delivered the fund to the trustee organizations, the Institute for Social Innovation and the Busan Economic Promotion Agency.

The BEF is a joint fund established in 2018 by public institutions in Busan to revitalize the local economy and promote the spread of ESG management. The participating institutions include Kibo, Busan Metropolitan City Construction Corporation, Busan Port Authority, Korea Housing and Urban Guarantee Corporation, Korea Southern Power, Korea Securities Depository, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Ocean Business Corporation, totaling nine organizations.

At this year’s ceremony, a total of 1.17 billion won?contributed by each participating institution with 130 million won?was delivered to the trustee organizations. As a result, the cumulative amount of the BEF has reached 8.68 billion won. The fund supports social economy enterprises and small and venture businesses in Busan, contributing to the sustainable growth of the regional economy and the spread of ESG management.

The newly raised fund will be used in the social economy sector to support 37 companies through initiatives such as nurturing social startups that address social issues, operating programs for generating social impact, supporting overseas expansion, and assisting business solutions for social problems based on open source. In addition, projects to strengthen the self-reliance capabilities of young people preparing for independence, people with developmental disabilities, and vulnerable groups, as well as programs linking these groups to local employment, will also be promoted.

In the local small and venture business sector, 29 companies will be selected to receive support for ESG consulting and facility assistance, funding for research and development commercialization, and participation in IR pitching competitions. Furthermore, to expand the export base of local small businesses, a World Korean Business Forum and export consultation meetings will be held, and trade delegations will be dispatched.

Sangchang Lee, Director of Kibo, who attended the ceremony, stated, "Kibo is supporting the innovative growth of venture and startup companies in Busan through the implementation of the BEF project in collaboration with public institutions," adding, "We will continue to actively link our accumulated expertise in technology finance with regional economic revitalization initiatives and take the lead in creating a mutually beneficial economic ecosystem based in the region."

Meanwhile, the BEF supported a total of 67 local companies last year, resulting in a sales increase of 35.3 billion won and the creation of 341 new jobs, as well as the relocation of two out-of-region companies to Busan.