NH Nonghyup Financial Group to Support ‘Korean-type New Deal’
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NH Nonghyup Financial Group to Support ‘Korean-type New Deal’
Decides to focus on Green New Deal sector by promoting eco-friendly agriculture

24(Thu), Sep, 2020

Chairman Kim Kwang-soo (first from right) of NH Nonghyup Financial Group conducts an on-site inspection for emergency operations in preparation for Chuseok Holidays at the NH Integrated IT Center in Uiwang, Gyeonggi Province on Sept. 10. (Photo: NH Nonghyup Financial Group)

The NH Nonghyup Financial Group will supply a total of 13.8 trillion won in support funds through loans and investments, in line with “Korean-type New Deal” policies by 2025.

The NH Nonghyup Financial Group announced on Sept. 3 that it will combine the capabilities of its affiliates, including banking, securities and asset management affiliates in order to supply funds.

In detail, 12 trillion won is for the Green New Deal segment, including solar energy business in rural areas, new and renewable energy projects, and the expansion of eco-friendly smart farm loans.

Some 1.2 trillion won will be reserved for the digital New Deal segment, such as nurturing start-ups and the establishment of big data platforms in agriculture. Another 600 billion won is set aside for the safety net segment, such as the distribution of digital devices to the digitally marginalized.

The NH NongHyup Financial Group has decided to focus on the Green New Deal sector by promoting eco-friendly agriculture, utilizing its capabilities and strengths in agricultural finance.

Agriculture is the basis of the Green New Deal as part of the bio-tech industry, and its national importance is growing in the wake of the “post-corona” era.

Accordingly, the NH Nonghyup Financial Group will provide 4.6 trillion won in new loans to agri-food companies such as eco-friendly agricultural product distribution and processing companies by 2025.

The financial group will also provide 900 billion won in support funds to Smart Farm, a state-of-the-art automated farm that combines “digital” and “green” technologies by 2025. It launched Smart Farm General Loan in 2017, providing about 90 billion won annually.

In addition, the government will promote the solar energy business in rural areas, invest in new and renewable energy and establish environmental, social, and governance (ESG) management system for socially responsible management.

To that end, the NH Nonghyup Financial Group set up the Green Financial Business Group at NH Nonghyup Bank on Sep. 1. On Sep. 3, it launched NH-Amundi 100-Year-Old Company Green Korea Fund which invests in the green and environmental industries through NH-Amundi Asset Management.

In the field of Digital New Deal, the NH Nonghyup Financial Group will focus on investments in infrastructure for digital transformation (DT) such as building and upgrading big data platforms and establishing an untact business system that can run 24 hours a day and 365 days a year.

It will also train 2,300 digital talents by 2025, while focusing on creating a digital ecosystem including the establishment of a big data platform in the agricultural sector. It will also expand investments in innovative new digital businesses such as My Data Business and the establishment of a digital healthcare platform.

In the field of strengthening safety nets, the NH Nonghyup Financial Group plans to operate products to ease digital divide, support the distribution of digital devices to the digitally marginalized, and expand crowdfunding for farmers.

“The NH Nonghyup Financial Group’s goals match those of K-New Deal — supporting farmers and farming villages and enhancing the value of the agricultural industry,” said Kim Kwang-soo, chairman of the NH Nonghyup Financial Group. “We will play a big role in changing national paradigms by combining our unique strengths and capabilities.”

NH Nonghyup Bank announced in late August that it will establish the Green Financial Business Group to actively participate in the Korean version of the Green New Deal and provide 8 trillion won in financial support funds.

NH Nonghyup Bank has decided to invest a total of 8 trillion won for five years in agricultural policy projects such as new and renewable energy projects and smart farms to solidify its position as a leading bank for green finance.

NH Nonghyup Bank launched the Green Financial Business Group in the agricultural and public finance sector on Sept. 1 to promote the project.

The group will provide efficient and prompt support by taking charge of related tasks such as green finance and projects for environmental, social and governance (ESG) management. ESG trends will be reviewed when the bank gives loans.

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