KB Financial Group on Monday pledged to donate 50 billion won ($38.5 million) in donations over the course of five years from this year to 2027 to add forces to the Ministry of Education’s plans to advance the nation’s elementary care system.

KB’s donation will be used mainly to support the Neulbom School service, an edu-care service operated by the Education Ministry that simultaneously cares for and offers diverse and flexible after-school activity programs for elementary school students.

Classes incorporate play- and experience-based learning across various subjects such as coding, art, music and sports, according to the ministry.

The service runs until 8 p.m. on weekdays and 1 p.m. on Saturdays during the school year as well as during vacation periods, lessening the burden of parents and teachers.

Contributions also will be put toward establishing regional care institutions and funding free economic and financial education courses under Neulbom School programs, the group said.

“We will strive to build a strong partnership to provide high-quality education opportunities and help create more child care-friendly environments,” Deputy Prime Minister and Minister of Education Lee Ju-ho said during the signing ceremony of the agreement earlier in the day.

KB Financial is the first major financial group to join the ministry-led initiative.

“As a corporate member of society, KB will continue to do its best to address and solve social issues by taking an active lead in fostering future generations,” KB Financial Group Chairman Yoon Jong-kyoo said.