Woori Bank will provide financial support worth about 1 trillion won for future strategic industries such as semiconductors, physical AI and AI data centres, together with the Korea Technology Finance Corp.

Woori Bank said on Aug. 26 it signed a K-SPARK agreement with the Korea Technology Finance Corp on Aug. 25.

K-SPARK is a financial support cooperation framework jointly built by Woori Bank and Kibo. It was created to expand financing for future strategic industries including semiconductors, physical AI and AI data centres.

The two organisations agreed to support the government's "three mega projects for Korea's great leap" and back efforts to foster future strategic industries and promote balanced regional development outside the Seoul metropolitan area.

Under the agreement, Woori Bank will provide special contributions and funds to support guarantee fees to Kibo to supply financing to small and venture firms with technological capabilities and growth potential. Using these funds, it plans to provide loans worth about 1 trillion won.

Eligible companies will also receive financial benefits such as a higher guarantee ratio and a 1.0 percentage point cut in guarantee fee rates.

Jin-wan Jeong (정진완), CEO of Woori Bank, said he hopes the programme will help companies related to semiconductors, physical AI and AI data centres raise funds, key areas of the three mega projects. He said the bank will continue to expand productive finance for small firms that will drive future growth engines.