Woori Bank is teaming up with the Korea Medical Devices Industry Association and the Kibo Technology Fund to expand financial support for medical device companies.

Woori Bank said on Sept. 15 it signed an agreement on Sept. 14 with the association and the Kibo Technology Fund on financial support to expand the social value of the medical device industry.

Eligible companies will be offered preferential benefits such as higher guarantee ratios or reduced guarantee fee rates to lower their financing cost burden.

Woori Bank will link the support to the "AtoF productive financial support agreement guarantee" it runs with the Kibo Technology Fund to foster future strategic industries.

The AtoF productive financial support agreement guarantee is a programme that focuses on supporting 6 growth engines: AI, bio, content and culture, defence industry, energy and advanced manufacturing. The medical device industry will be supported in connection with the bio and advanced manufacturing sectors.

Yeon-su Bae (배연수), head of Woori Bank’s corporate group, said, "We will expand financial support to help medical device companies with technological capabilities and growth potential achieve stable growth and strengthen global competitiveness."