The government will create a fund worth three-point-five trillion won, or three billion U.S. dollars, this year as part of a plan to foster startup companies.

Details of the plan were finalized during an economic-related ministers’ meeting on Wednesday, which came after a similar meeting held last week chaired by Acting President Hwang Kyo-ahn.

Under the measures, the government will create the startup fund this year together with the private sector as well as set aside another 150 billion won to support budding technology firms.

It will also expand assistance programs for startups that have been in business for three to seven years.

Relevant government organizations such as the Ministry of Science, ICT and Future Planning and the Small and Medium Business Administration also plan to expand their startup assistance-related programs.