South Korea’s Korea Development Bank, Industrial Bank of Korea and Export-Import Bank of Korea are establishing the 700 billion won ($521.3 million) Policy Finance Institutions Global Scale-Up Cooperation Fund for growth-stage small and medium-sized enterprises, mid-sized companies and venture firms. Each bank will contribute 150 billion won, providing 450 billion won ($335.1 million), while private capital will supply the balance. The fund will consist of one 300 billion won vehicle and two 200 billion won vehicles. Proposals are due on September 30, with fund managers expected to be selected in November after a joint review. The program is one of seven core initiatives of the Policy Finance Institutions Council, launched in March, which is developing stage-specific investment, lending and infrastructure-finance support for sectors including robotics, hydrogen, artificial intelligence data centers and renewable energy. Its first joint project is Hyundai Motor Group’s approximately 9 trillion won ($6.7 billion) Saemangeum project.