On the 27th, a bill to establish the 'Advanced Strategic Industry Fund' at the Korea Development Bank and to expand its capital was passed in the National Assembly.
The main point of the bill is to provide a legal basis for establishing the Advanced Strategic Industry Fund at the Korea Development Bank. Earlier, the government announced in March that it would create a fund to finance corporations in advanced strategic industries such as secondary batteries and artificial intelligence (AI). The government plans to prepare a 'National Growth Fund' linking 50 trillion won of the Advanced Strategic Industry Fund with private capital, aiming to support a total of over 100 trillion won over the next five years.
It also included a plan to increase the Korea Development Bank's authorized capital from the existing 30 trillion won to 45 trillion won. Since 2014, the bank's capital has been frozen at 30 trillion won, raising concerns that it is insufficient to respond to the demand for policy financing.