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According to Yonhap News,
(DAEJEON=Yonhap News) A KRW 13 billion fund is being created in Daejeon to nurture local SMEs (small and medium enterprises) and business ventures.
At the Daejeon Center for Creative Economy & Innovation (CCEI) on December 21, Daejeon Metropolitan City held a general meeting on the establishment of the Daejeon 4th Industrial Revolution Investment Association.
The fund will be created by investments of KRW 5 billion from the city government, KRW 7 billion from the fund of funds, and KRW 1 billion from the fund manager Daedeok Venture Partners.
The investment association plans to invest about KRW 1 billion per company in 10 companies for the next 8 years.
Kim Gi-hwan, head of the city's corporate support division, said the investment association will help the SMEs and business venture create a financing ecosystem for each stage of growth.
youngs@yna.co.kr
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Source: Yonhap News (Dec. 21, 2017)
** This article was translated from the Korean.