President Moon Jae-in will meet with top executives of Korea’s five major banking giants on Thursday to discuss measures to promote the government’s social infrastructure investment scheme, dubbed the “New Deal fund,” industry sources said Tuesday.

Set up to support the Korean version of the “New Deal” initiative unveiled in July, the envisioned fund will mainly finance digitalization of national infrastructure and provide at least a 3 percent rate of return on investment. Individual investors can also participate in the fund through public offerings.
Chairmen from KB Financial Group, Shinhan Financial Group, Woori Financial Group, Hana Financial Group and NH Financial Group are set to attend the first official meeting on New Deal strategy and share their own long-term plans for multitrillion-won investments in the special fund.

During the meeting, Deputy Prime Minister and Finance Minister Hong Nam-ki and Financial Services Commission Chairman Eun Sung-soo will brief on a comprehensive framework for the New Deal initiative and specific plans for the New Deal fund, respectively. 

The government-led economic revival plan consists of digital infrastructure and environmentally friendly programs.

By Choi Jae-hee (cjh@heraldcorp.com)