Bank Gospodarstwa Krajowego and the Korea Credit Guarantee Fund have signed a memorandum of cooperation

Bank Gospodarstwa Krajowego (BGK) and the Korea Credit Guarantee Fund (KODIT) have signed a memorandum of cooperation. On this basis, both institutions will be able to exchange knowledge, share best practices and information related to the development and management of guarantee systems.

Cooperation with entrepreneurs and support for sustainable economic growth are common denominators in the strategies of both institutions. The signed memorandum will allow for the expansion of knowledge and experience, which will translate into the development and implementation of new guarantee products.

By supporting entrepreneurs, we strive to provide them with solutions that anticipate their needs and meet market expectations. We also feel obliged to constantly develop our knowledge of guarantee models used around the world. As a Polish development bank, we are responsible for the broadly understood socio-economic development of the country. Establishing cooperation with a Korean partner who performs similar tasks in the field of guarantees gives us a unique opportunity to deepen our knowledge and gain interesting and unique experiences. We can offer exactly the same to our Korean partners.

Mirosław Czekaj, President of the Management Board of BGK.

The memorandum signed today confirms that BGK and KODIT operate on the basis of common goals. The European and Korean financial systems have their own regional specificities and conditions, which inspire us rather than hinder our cooperation. We are continuing the partnership dialogue between our institutions. We share our experiences in order to better respond to the needs of our local entrepreneurs. We have already identified several areas where we complement each other and can benefit from each other's knowledge. KODIT's experience in creating direct guarantee solutions for the SME sector is certainly valuable. BGK, in turn, can share its extensive experience of cooperation with the banking sector, which in Poland is responsible for the distribution of BGK guarantee products. We see the greatest potential in the implementation of specialized digital analytical tools supporting financial instruments based on artificial intelligence algorithms.

Prof. Marta Postuła, First Vice-President of the Management Board of BGK.

The commencement of cooperation between BGK and KODIT was preceded by a series of talks and meetings between the parties, which will continue in the coming months.

As an institution supporting Poland's socio-economic development, BGK has been an active member of the AECM (European Association of Guarantee Institutions) for many years, an organisation bringing together 48 guarantee institutions from 32 countries. Participation in the AECM enables the exchange of knowledge between members of the association and provides an opportunity to promote guarantee instruments. The memorandum signed with KODIT complements BGK's existing guarantee activities at the international level, and the existing and new experience gained in cooperation with the Korean partner will support the development of Polish enterprises even more effectively and contribute to the creation of guarantee instruments that respond to current challenges.