South Korea’s bank eager to finance Pakistan IT projects
- Eximbank is also planning to delay debt repayment of seven loans extended to Pakistan via EDCF.
The Export-Import Bank of Korea is eager to offer over $76 million or over Rs12 billion in loan to Pakistan for IT-related projects including electronic intelligence.
“The size of the loan and project is expected to be larger than the IT Park construction project in 2017,” said a top official if the bank, quoted The Korea Herald.
As per details, the project is aimed to support Pakistan’s small-and medium-sized IT firms and bolster technology cooperation between South Korea and the South Asian country.
“But there have been discussions about expanding IT cooperation between the two countries beyond infrastructure, which led to the project taking shape,” the official added.
The report said that the project is still in its early stages informed the official .
It was further learned that Eximbank is also planning to delay debt repayment of seven loans extended to Pakistan via EDCF that face maturity this year. “The debt repayment issue is being discussed via the Paris Club,” the official explained.
It may be mentioned that Eximbank established the Economic Development Cooperation Fund in 1987 to support industrialization and economic growth in developing countries as well as promote bilateral economic exchanges.
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