By Kim Young Shin

Korea’s first government-led fund dedicated to green businesses and environmentally friendly industries has been launched.

The Ministry of Environment announced that the fund for the future of environmentally friendly industries was launched on Dec. 13. According to the ministry, the government pooled KRW 20 billion and private investors put up KRW 22 billion, to create a total of KRW 42 billion in the fund.

The ministry said that the money will be used to provide opportunities to small ecofriendly companies that have superior technologies but which cannot perform well due to budget shortfalls. The fund will help them improve their structure and enhance their business feasibility.

“I hope that this fund will support promising ecofriendly corporations. I wish that a virtuous circle of capital settles in the green industries and creates more jobs,” said Director General Kim Young-hoon of the Climate and Future Policy Bureau at the Ministry of Environment.

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