Will issue a total of 3 trillion won worth of ESG bonds by 2023 to create sustainable social value
KAMCO President Moon Sung-yu gives a speech at the 59th anniversary of KAMCO held live online on April 6. (Photos: KAMCO)
Korea Asset Management Corporation (KAMCO) held a ceremony to commemorate its 59th anniversary via an online broadcast on April 6.
After the ceremony, employees of KAMCO conducted birthday rice cake sharing activities for medical staff at medical centers and hospitals in Busan, which are at the forefront of the fight against the COVID-19 virus.
¡°We will actively seek ways to use the crisis as an opportunity through platform innovation,¡± said KAMCO President Moon Sung-yu in a speech during the ceremony.
Moon defined KAMCO¡¯s future as a leading platform through the declaration a new vision on March 30, 2021.
¡°In order to actively participate in the Korean New Deal and become pump-priming water for stabilizing people¡¯s livelihoods and injecting vitality into the Korean economy, KAMCO will contribute to introducing eco-friendly management to major business sectors and strengthening social safety nets,¡± Moon emphasized.
¡°KAMCO¡¯s job is to fulfill its social responsibilities and strengthen its public functions and services to sincerely fulfill its missions for the government and the people, and create a sustainable future through the establishment of ESG management,¡± Moon added.
Following the ceremony, KAMCO commemorated its founding anniversary by sharing 590 sets of birthday rice cakes, which were prepared by employees with medical staff members at 16 health centers in Busan.
KAMCO employees deliver 590 sets of birthday rice cakes to medical staffs at 16 health centers in Busan on April 6 to celebrate the 59th anniversary of KAMCO¡¯s foundation.
The medical staff are working hard by testing people for COVID-19 infections and treating those who became ill with the virus.
¡°Everyone is in a difficult situation due to the prolonged COVID-19 crisis, but I can see that the energy of hope is growing little by little with a new spring,¡± Moon said. ¡°I want to share the joy of KAMCO¡¯s birthday with local communities.¡±
Meanwhile, KAMCO will continue to deliver birthday seaweed soup lunch boxes and 10 sets of KF94 masks for the homeless when the social distancing in Busan is eased.
In addition, KAMCO that it plans to issue a total of 3 trillion won worth of ESG bonds by 2023 to create sustainable social value as a state-run company such as supporting marginalized people and companies in need.
ESG bonds are sustainable bonds, combined with green bonds and social bonds. They are special-purpose bonds issued to rev up socially responsible investment as well.
After securing investor reliability and fund transparency through ESG bond verification, KAMCO will issue a total of three trillion won of the bonds by 2023, including 1.3 trillion won this year, 0.7 trillion won in 2022 and 1 trillion won in 2023.
Funds raised through the issuance of the bonds will be invested in enhancing social value such as giving financial support to industries and people hit hard by the COVID-19 pandemic and building zero-energy and smart buildings on national and public land and implementing Green New Deal projects.
¡°KAMCO is putting its ESG guidelines into practice throughout its entire business like green public development and financial support for recovering companies,¡± Moon said. ¡°From bond issuance to business investment, we will faithfully pursue our key projects including Korean New Deal projects.¡±
On the other hand, KAMCO and eight public organizations in Busan signed a joint fund entrustment agreement with the Research Institute for Social Enterprises to revitalize Busan¡¯s social economy in the Busan Finance Center in Busan on April 14. They donated 170 million won in funds for social enterprises in Busan.
KAMCO and the other organizations raised a total of 2.83 billion won in funds for social enterprises in Busan over the past three years.
They provided a total of 17.8 billion won to 64 social companies, resulting in the creation of 124 new jobs and an increase of 2.9 billion won in sales.
The funds raised this year totaled 170 million won. They will be used to revitalize the local economy, which is struggling due to the prolonged COVID-19 crisis.