MoPF signs loan agreements with Korean bank

The Ministry of Planning and Finance signed loan agreements with Export-Import Bank of Korea yesterday morning.
Under the Economic Development Cooperation Fund (EDCF), the bank loaned US$93.779 million for the establishment of e-Government Integrated Data Center-eGIDC that will be supervised by the Department of Information Technology and Cyber Security under the Ministry of Transport and Communications, and $61.816 million for infrastructural development outside Korea-Myanmar Industrial Complex (KMIC) which will be implemented by the Department of Urban and Housing Development, Ministry of Construction.

45 U Soe Win copy
Union Minister for Planning and Finance U Soe Win and Union Minister for Construction U Han Zaw witness the signing ceremony between Ministry of Planning and Finance and Export-Import Bank of Korea yesterday. Photo: MNA

Daw Si Si Pyone, the Director-General of Treasury Department under the MoPF, and Mr Um Sung Yong, Director General of Export-Import Bank of Korea, signed the agreements.
The two packages of loan were received with 0.01 per cent annual interest rate under the $ 1 billion loan programme of EDCF, plus 0.1 per cent for service charge to be paid only when the loans were settled. The 40-year loans could enjoy 15 years grace period before starting a settlement in 25 years.
The eGIDC will be established in three years from 2019-2020 to 2021-2022 fiscal. The project will include the constructions of main eGIDC in Nay Pyi Taw and the Disaster Recovery Center (DRC) in Thanlyin Township, Yangon Region.
Meanwhile, the KMIC will be set up on 558 acres of land in the training school compound of Nyaunghnapin in Hlegu Township, Yangon Region, from 2019-2020 to 2021-2022 fiscal for three years.
The signing of agreements at the ministry was witnessed by Union Minister for MoPF U Soe Win, Union Minister for Construction U Han Zaw, Deputy Minister for MoPF U Set Aung, the Permanent Secretaries, departmental heads and the representatives of Export-Import Bank of Korea.—MNA

(Translated by Aung Khin)

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