KB Financial Group supports Green New Deal with loans

KB Financial Group Chairman Yoon Jong-kyoo [KB FINANCIAL GROUP]

KB Financial Group said Monday it will support 3.2 trillion won ($2.8 billion) this year in loans and investments for Korea's so-called Green New Deal, a package of policies aimed at ending the country's dependence on fossil fuels and increasing investments in renewable energy.

The group aims to give 10 trillion won of support related to the government-led policies by 2025.

As of the end of March the group has already achieved 68 percent of its financial support target for Green New Deal.

KB Kookmin Bank provided financial support for a green energy project in Dangjin, South Chungcheong, by granting 175.1 billion won in loans, while KB Securities supported recycling companies by offering 280 billion won loans.

KB Financial Group Chairman Yoon Jong-kyoo said the group will create social value by focusing on the government's Green New Deal agenda and renewable energy projects, in a statement Monday.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]