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Biz News Korea(Eng)
S. Korea to create $75mn fund to back bids in overseas infrastructure projects
- Collected
- 2017.10.28
- Distributed
- 2017.10.30
- Source
- Go Direct
![(From Left) Lee Dong-geol KDB chairman, Kim Hyun-mi Land Minister and Eun Sung-soo President of the Export-Import Bank of Korea. [Photo by Korea Eximbank]](http://file.mk.co.kr/meet/neds/2017/10/image_readtop_2017_712195_15090899993078136.jpg)
(From Left) Lee Dong-geol KDB chairman, Kim Hyun-mi Land Minister and Eun Sung-soo President of the Export-Import Bank of Korea. [Photo by Korea Eximbank]
The Ministry of Land, Infrastructure and Transportation signed an agreement with the Korea Development Bank and the Export-Import Bank of Korea to create Global Infra Venture Fund and chip in 40 billion won, 25 billion won and 20 billion won, respectively.
Under the agreement, the ministry will work with state lenders in the search of overseas infrastructure projects, feasibility studies, information exchanges and financial assistance, while addressing Korean companies’ business constraints arising from lack of experiences and high borrowing costs in their participation in large-scale infrastructure programs overseas.
The fund will provide up to 10 billion won for a project`s expenses at an early stage of development.
"Businesses have to thoroughly prepare from the early development stage to financing and management to survive in the global infrastructure market. The government will go all out to find and support lucrative projects in various areas, including urban development, water resources and transportation,” Land Minister Kim Hyun-mi said in a statement.
“We hope this partnership will be helpful to Korean companies in their efforts to win high-value projects and improve operational structures in the overseas infrastructure market,” said Korea Development Bank chairman Lee Dong-geol.
By Chung Soon-woo and Minu Kim
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