Aerial view of’IT Park’ in Pakistan. [제공=수출입은행]

The Export-Import Bank of Korea (hereinafter’Mercury’) is promoting a new IT business with Pakistan through the Foreign Economic Cooperation Fund (hereinafter’EDCF’).

On the 6th, a mercury official said in a call with the Korea Herald that they are planning a larger-scale business and a loan grant contract following the’IT Park construction project’ in Pakistan in 2017.

Mercury previously provided an external economic cooperation fund worth $76 million for the IT park project to be established in Pakistan’s capital Islabamad in 2017.

An official said that the new IT project in Pakistan was discussed with the aim of “creating tangible and intangible infrastructure as a whole,” and that there is a high possibility that a business related to “electronic information” will be promoted.

However, he added that the new business has not been materialized at the moment, and discussions on related projects with Pakistan have been sluggish due to the worldwide coronavirus infection. An official said, “Currently, the specific scale of the master plan or project has not been determined.”

Mercury is also positively considering repayment deferral and debt restructuring in relation to seven Pakistan-related projects with principal and interest repayment coming in 2020, an official said.

The Foreign Economic Cooperation Fund has been established and managed and operated by the Korean government since 1987 to promote external economic cooperation, such as supporting industrial development and economic stability in developing countries by providing long-term, low-interest loans, and promoting economic exchange with Korea. It is an economic aid fund for developing countries.

Reporter Jeong Min-kyung of the Korea Herald (mkjung@heraldcorp.com)



Source: The Korea Herald

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