The Ministry of Environment signed an agreement with financial institutions, including the Industrial Bank of Korea (IBK), and the Small Business Corporation (SBC), to establish the Second Shinbo Environmental Venture Fund exclusively for environmental ventures on July 8, 2002.

This fund comprises 4 billion won from the IBK, 1 billion each from Kookmin Bank and Woori Bank, 3.3 billion won from the SBC, and 1.7 billion won from Shinbo Investment Corp., a venture capital firm that will manage the fund.

The fund is designed to promote promising environment venture firms as part of the 'Eco-2 Project', which is one of the  MOE's major projects. Since last year, the ministry has been pushing for the project, through which it aims to simultaneously develop the environment and the economy.

Shinbo Investment Corp., will invest in promising environmental companies with advanced technologies but insufficient funds. Last year, MOE founded a 13 billion won (the First Shibbo Environmental Venture Fund), from which 9.7 billion won has been invested in 19 promising environmental venture firms.