Korea Eximbank grants $160 mn loan for Myanmar’s state projects

2019.09.04 13:49:37

[Photo provided by Korea Export-Import Bank]이미지 확대

[Photo provided by Korea Export-Import Bank]

South Korea’s state-run export credit provider Export-Import Bank of Korea (Korea Eximbank) has agreed to extend a $160 million loan to help Myanmar set up an e-government data center and a joint industrial complex.

Kang Seung-joong, deputy president of Korea Eximbank, signed economic cooperation development fund agreements worth $160 million with Soe Win, Myanmar’s Minister for Planning and Finance, on Tuesday during Korean President Moon Jae-in’s state visit to the country.

This is part of a $1 billion financial assistance the Korean government on the same day pledged to Myanmar from 2018 to 2022. Seoul expects the latest agreements with Myanmar to help Korean companies make deeper inroads into the Southeast Asian country’s infrastructure and information and communication technology markets.

Korea Eximbank would grant a $94 million loan to help Myanmar establish an e-government integrated data center, a project pursued by the Myanmar government to bring transparency and efficiency to its administrative affairs as part of its national economic development initiative.

Another $62 million would be funded for the industrial complex to be built in Myanmar by Korea Land & Housing Corp. and Myanmar’s construction ministry. The money would go into installing roads, electricity grids and water utilities near the complex. Myanmar expects the joint industrial site to help bring new jobs, draw foreign investment and promote Korean business activities in the country.

Korea Eximbank will separately sign an agreement with nine organizations including Korea Land & Housing and consider offering additional financial aid in the industrial complex project.

By Kim Gang-rae and Kim Hyo-jin

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