Woori Financial Group to supply an additional 10 trillion won in productive and inclusive finance over five years

Woori Financial Group has announced an expansion of its 'Future Co-growth Project,' increasing the planned supply of productive and inclusive finance by 10 trillion won over the next five years, bringing the total to 90 trillion won.

The group initially committed to supplying 80 trillion won in productive and inclusive finance over a five-year period. The newly added 10 trillion won will be divided between productive finance, which receives 9.4 trillion won, and inclusive finance, which receives 600 billion won. The increased funding for productive finance will be supplied early, with 5.7 trillion won in the current year and 3.7 trillion won next year, aimed at bolstering financial support for advanced strategic industries and export companies.

"We will strengthen our function of supplying funds to the real economy and contribute to the development of the regional economy," Woori Financial Group stated. The group is also enhancing its inclusive finance initiatives, increasing this year's support target from 1.2 trillion won to 3.5 trillion won. This includes plans to incinerate approximately 280 billion won in long-term overdue debts to aid customers' recovery. Woori Bank has already taken steps by suspending the collection of about 40 billion won in long-term overdue debts and waiving accrued interest in March, with plans for an additional 120 billion won incineration in the latter half of the year. Woori Card is also pursuing the incineration of approximately 120 billion won in long-term overdue debts.

Further financial support will be extended to mid-to-low credit borrowers through various subsidiaries, including banks, credit card companies, capital, and savings banks, with a total of 1.1 trillion won planned. Additional support includes 300 billion won for emergency living expenses and refinancing loans, 600 billion won for small business loans, and 12 billion won for microfinance initiatives.

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We will strengthen our function of supplying funds to the real economy and contribute to the development of the regional economy.