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Korea Exim News

Korea Eximbank Signs EDCF Loan Agreements with Myanmar to Boost Economic Cooperation

Date 2019.09.04 View 16876

The Export-Import Bank of Korea (www.koreaexim.go.kr, “Korea Eximbank”) announced September 3 that it signed USD 160 million Economic Development Cooperation Fund (EDCF) loan agreements with the Myanmar government to help set up an e-government integrated data center and build infrastructures near the Korea-Myanmar Industrial Complex in Myanmar.

 

Korea Eximbank Deputy President Kang Seung-joong met with Myanmar's Minister of Planning and Finance Soe Win and signed the loan agreements for two separate projects on the side lines of the Korea-Myanmar summit which was held at the Ministry of Planning and Finance in Naypyitaw, Myanmar.

 

 

The e-government integrated data center project aims to build an integrated data center, a disaster recovery center, and a government service network used by its government departments and to secure the steady supply of IT equipment and materials needed to operate the facilities.

 

As part of the national economic development policy, the Myanmar government is seeking to enhance the efficiency and transparency of its government-wide operations by running an e-government system.

 

Once successfully completed, ministries of Myanmar will have a shared digital government platform enabling integrated operation and management.

 

This will greatly help prevent duplicated investments among ministries, enhance e-government service quality and support increased access to public service for Myanmar citizens.

 

A total of USD 94 million would be funded for this project.

 

The other project of building infrastructures near the Korea-Myanmar Industrial Complex aims to install water utilities, roads and electricity grids around the industrial complex. Korea Land & Housing Corporation (LH) and Myanmar's Ministry of Construction will be jointly implementing the project.

 

A USD 62 million EDCF loan would be provided for the project, which is expected to contribute to attracting foreign investment and creating jobs in Myanmar and increasing Korean companies' presence in the country.

 

Korea Eximbank will also consider offering additional financial support in creating an industrial complex in Myanmar through close collaboration among stakeholders after signing a One Team agreement with nine entities, including LH.

 

A Korea Eximbank official said, after the signing ceremony, "The loan agreements that we signed today are the first financial agreements under Korea-Myanmar EDCF (USD 1 billion) loan framework for economic cooperation from 2018 to 2022, which was just signed by the Ministry of Foreign Affairs today. The EDCF funded projects will serve as the basis for Korean companies' entry into the infrastructure and ICT projects in Myanmar in the future." The official added, "As our EDCF financial assistance supports Myanmar’s important national plans, it is expected the economic cooperation between the two countries would be further boosted."