At IBK’s headquarters in Jung-gu, Seoul, KOGAS announced that it had inked a “hydrogen industry development fund operation agreement” with IBK. About ten people attended the ceremony, including Lee Seung, Vice President of Gas Corporation’s Management and Management, and Choi Kwang-jin, Vice President of IBK Industrial Bank.

Korea Gas Corporation and IBK Industrial Bank agreed to build and run a ‘hydrogen industry development fund’ worth 150 billion won in a one-to-one matching system as part of this agreement. The funds will be utilized to give low-interest loans to small and medium-sized businesses in the hydrogen industry. SMEs who develop hydrogen equipment and technology and are recommended by Korea Gas Corporation can access loans from IBK Industrial Bank branches countrywide at a low-interest rate of up to 2.85 percent per year.

Since 2015, KOGAS has worked with IBK Industrial Bank of Korea and DGB Daegu Bank to create a 180 billion won “win-win growth fund,” which has provided funding to 800 small and medium-sized firms (SMEs) each year. KOGAS chose to establish this hydrogen industry development fund with the cancellation deposits received at the mutual growth fund’s maturity.

“We will aggressively handle the fund,” according to a KOGAS official, “so that small and medium-sized firms and small company owners may focus on solid management in the future.”