Vice Chairman Kim Soyoung of the Financial Services Commission presided over the seventh consultative body meeting on policy finance support with officials from related government ministries and policy financial institutions on July 4. At today's meeting, officials discussed the latest status in the provision of policy finance support to the five key strategic sectors and announced plans to newly supply KRW3.5 trillion to support the development of artificial intelligence technology and related ecosystem. Until the end of 2024, Korea Development Bank will make available KRW3 trillion in low interest rate loans to AI related sectors, with a preferential interest rate reduction of up to 1.2 percentage points granted to those engaged in AI modeling, AI cloud computing, and other key AI application sectors, such as AI robotics and automated driving technologies. Moreover, KDB will newly create a fund (tentatively called "AI Korea Fund") worth KRW500 billion to invest in the development of AI technology and ecosystem. In this regard, Vice Chairman Kim said that the availability of this investment support will help promising AI firms to expand their business operations or make transitions to move forward. The availability of expanded and prompt policy finance support is also expected to promote competition and provide a source of relief in the AI sector, Vice Chairman Kim said.