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South Korea’s Eximbank Plans to Finance Pakistan’s Large-Scale IT Project: Report

Eximbank of South Korea is planning to finance over $76 million to Pakistan for IT-related projects including electronic intelligence.

According to a report by a Korean publication, South Korea’s state-run policy lender Export-Import Bank of Korea is aiming to support Pakistan’s small-and-medium-sized IT firms and bolster technology cooperation between South Korea and Pakistan.

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.

“The size of the loan and project is expected to be larger than the IT Park construction project in 2017,” said the official.

The official further told the Korean publication that there have been discussions about expanding IT cooperation between the two countries beyond infrastructure, which led to the project taking shape. He further stressed that the project is still in its early stages due to the coronavirus pandemic as the important details, such as the master plan and the exact size of the loan are yet to be discussed

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