Korea Technology Finance Corporation (KIBO) has partnered with Korea International Cooperation Agency (KOICA) to support the global expansion of social venture companies.
KIBO announced Wednesday that it signed a memorandum of understanding with KOICA on January 12 in Seongnam, Gyeonggi Province, for "expanding global impact and supporting growth of social ventures participating in CTS."
The agreement links KIBO's social venture support programs and impact financing with KOICA's innovative technology program Creative Technology Solution (CTS) to help social ventures expand globally and foster the growth of the social solidarity economy ecosystem.
Under the agreement, KOICA plans to promote KIBO's social venture programs to CTS participants and explore developing new joint programs with KIBO.
KIBO will provide comprehensive customized support to CTS participants, including technology evaluations exclusively for social ventures, social value measurement, impact guarantees, consulting, and recommendations for outstanding social ventures.
Specifically, KIBO will help social ventures calculate the social value they create in monetary terms through its social value measurement system.
The two organizations plan to establish an organic cooperation system through this agreement to simultaneously strengthen the technological competitiveness of social ventures and realize social value, while continuing collaboration to expand global impact.
"This agreement is significant in that it combines public sector capabilities to establish a foundation for overseas expansion and systematic growth support for social ventures," KIBO Chairman Kim Jong-ho said. "KIBO will continue to strengthen cooperation with related organizations to actively support social ventures in creating social value and achieving global growth."
