The South Korean government introduced a new financial initiative on Tuesday, offering up to $7.5 billion (10 trillion won) to support the country’s “AI Autonomous Manufacturing” project, first launched in June. The financial products include insurance, loans and equity investments aimed at fostering AI adoption in the manufacturing sector.

The Korea Trade Insurance Corporation will offer AI Plus+, a specialized insurance product that guarantees loan repayments for companies borrowing from commercial banks to invest in AI manufacturing technologies, helping secure lower interest rates. Additionally, major banks will offer a $150.5 million (200 billion won) loan program with preferential interest rates for companies adopting AI technologies. Companies using AI Plus+ will also receive up to a 30% discount on insurance premiums and 100% coverage.