The Export-Import Bank of Korea can now make grants directly to the Supply Chain Stabilization Fund and invest in early-stage entities such as venture corporations.
The Export-Import Bank said on the 3rd that a bill to amend the Export-Import Bank Act containing these measures passed a plenary session of the National Assembly the previous day.
With this amendment, the Export-Import Bank secured a legal basis to make grants to the Supply Chain Stabilization Fund. Launched in September last year, the fund started with 10 trillion won to respond to the global supply chain crisis. The Export-Import Bank had handled the fund's management, operation, and financing support, but with the legal change it can now also make grants directly to the fund.
The Export-Import Bank plans to operate the fund more proactively based on its own contributions going forward.
With the legal amendment, the Export-Import Bank can make indirect investments in vehicles such as venture investment partnerships and new technology business investment partnerships. Previously, the bank's indirect investments were limited to private equity funds under the Financial Investment Services and Capital Markets Act. A path has opened for the bank to invest in early-stage corporations or industries.