Korea to create W85b global infrastructure venture fund
- PUBLISHED :October 27, 2017 - 09:34
- UPDATED :October 27, 2017 - 09:34
[THE INVESTOR] Korea will create an 85 billion-won (US$75.20 million) global infrastructure development fund to address the key constraints of private investment in overseas projects, the Land Ministry said on Oct. 27.
The ministry signed an agreement with the Korea Development Bank and the Export-Import Bank of Korea to shoulder 40 billion won, 25 billion won and 20 billion won, respectively, for the Global Infra Venture Fund.
The state investors will raise capital for the blind pool fund to provide a significant part of resources necessary to push forward infrastructure projects.
The fund can provide up to 10 billion won for a project’s expenses at an early stage of development, including feasibility studies, financial modeling, legal reviews and selecting projects.
The ministry said it will work with state lenders and local construction companies to search for new projects and design financial packages for large-scale infrastructure programs.
By Alex Lee and newswires (alexlee @heraldcorp.com)