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[Alpha Biz=(Chicago) Reporter Paul Lee] South Korea and Saudi Arabia will create a joint fund worth $160 million (about 208.4 billion won).
The Ministry of SMEs and Startups said on the 11th that it held a signing ceremony to create a joint fund between the two countries at the Crown Plaza Hotel in Riyadh, Saudi Arabia, attended by Minister Lee Young and Saudi Small and Medium Business Bank Chairman Joseph al-Benyan.
The joint fund will be raised to 160 million dollars (208.4 billion won) by investing 10 million dollars (13 billion won) in a fund worth 150 million dollars (195.4 billion won), which is being created by Saudi Arabia as a major investor. Saudi Venture Investment (SVC) and Saudi Sovereign Wealth Fund (PIF Jada) will participate as investors.
The two countries agreed to make it mandatory to invest at least $ 10 million in Korean companies through joint funds.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
