SEJONG — Sejong will create a regional growth fund together with NH NongHyup Bank and Hana Bank, the two banks that serve as the city's treasury institutions.
The city said it signed a memorandum of understanding on the 23rd at Sejong Hall in city hall, with Sejong Mayor Cho Sang-ho, NH NongHyup Bank Sejong Regional Head Park Sang-pil and Hana Bank Deputy President Lee Dong-yeol among those attending.
The three parties will jointly bid for a regional growth fund program newly launched this year by the Ministry of SMEs and Startups, and will use the fund to invest in promising venture and startup companies in the region.
NH NongHyup Bank and Hana Bank will participate as limited partners when the Sejong regional growth fund is formed, and their contributions will be invested in the Sejong area.
The banks will also provide related financial services, including financial advisory, cash management for portfolio companies and lending.
The fund will invest in the five strategic industries designated by the fifth municipal administration: semiconductors and related materials, parts and equipment; bio; artificial intelligence and robotics; knowledge services; and digital content.
It will also support companies based in Sejong as well as promising venture and startup firms planning to relocate to the city.
"We will actively provide financial advisory and services so that Sejong's five strategic industries and promising venture companies can grow steadily," Park said.
"Hana Bank also aims to contribute to Sejong's regional economy by helping venture and promising companies that settle in Sejong to grow," Lee said.
"We will prepare thoroughly for the fund's public bidding process and support companies so they can grow," Cho said.
