Woori Financial Group announced on the 11th that it signed a multilateral agreement to revitalize the domestic aerospace industry ecosystem on the 9th.
The agreement involved Woori Financial along with Korea Aerospace Industries (KAI), the Korea Aerospace Industries Association, and the Korea Technology Finance Corporation. Woori Financial plans to implement comprehensive financial support worth a total of 2 trillion won for KAI partner corporations and association member corporations.
Woori Financial will provide support for corporate bonds and commercial paper (CP) through its subsidiaries like Woori Investment & Securities, Woori Asset Management, Woori Venture Partners, and Woori PE Asset Management, as well as launch aerospace industry-specific investment products and invest in startups.
Since February, Woori Financial has been promoting the integration of an electronic purchasing system between KAI and Woori Bank, and it plans to launch a loan product specifically for KAI partner corporations next month. Woori Bank will provide approximately 120 billion won in loans with preferential conditions, such as raising the guarantee ratio and supporting the issuance of guarantees, targeting KAI partner corporations and association member corporations, with a special grant of 3 billion won to the Korea Technology Finance Corporation.
Yim Jong-ryong, chairman of Woori Financial Group, said, "We will support aerospace corporations to respond flexibly not only to technological competitiveness but also to changes in the global supply chain to pioneer new markets."