IBK Industrial Bank to Provide 400 Billion KRW in Financial Support to Foster AI and Defense Companies

In collaboration with Korea Technology Finance Corporation
Business agreements signed with Korea Information & Communication Promotion Association and Defense Industry Mutual Aid Association

IBK Industrial Bank announced on September 12 that it will provide financial support totaling 400 billion KRW to foster and enhance the competitiveness of artificial intelligence and defense industry companies.

To facilitate this financial support, IBK Industrial Bank signed two financial business agreements. First, it entered into a financial business agreement for "Financial Support for Fostering AI Innovative Companies" with Korea Technology Finance Corporation and the Korea Information & Communication Promotion Association. In addition, it signed a financial business agreement for "Financial Support to Strengthen the Export and Technological Competitiveness of the Defense Industry" with Korea Technology Finance Corporation and the Defense Industry Mutual Aid Association.

Under these agreements, IBK Industrial Bank will contribute a total of 13 billion KRW to Korea Technology Finance Corporation. Furthermore, small and medium-sized enterprises in the artificial intelligence and defense industry sectors that receive guarantees from Korea Technology Finance Corporation will be eligible for interest rate reductions of up to 1.3 percentage points through IBK's own programs.

Kim Sungtae, President of IBK Industrial Bank, stated, "As a policy financial institution, IBK Industrial Bank's role is to drive the enhancement of competitiveness in key industrial sectors, which are the new growth engines of Korea," adding, "We hope that this low-interest financial support will help strengthen the competitiveness of small and medium-sized enterprises."