The Export-Import Bank of Korea (Korea Eximbank) announced on Nov. 17 that it will extend US$183 million (214.57 billion won) in Economic Development Cooperation Fund (ECDF) loans to the “Korea-Myanmar Friendship Bridge Project and Myanma Railways Modernization Project” led by the Myanmar government.
The EDCF is a bilateral official development assistance (ODA) loan program, which was established by the Korean government in 1987. The low-rate EDCF loans given to developing countries are to help emerging countries stand on their own feet in terms of industrial development and economic stabilization. It is also to promote economic interchange with Korea.
Eximbank Chairman and President Lee Duk-hoon signed the EDCF-based construction deal with Myanmar’s Deputy Minister of Construction Win Myint and Deputy Minister of Rail Transportation Myint Thein in Naypyidaw, Myanmar, on Nov. 16 (local time) to provide US$138 million (161.81 billion won) to the Korea-Myanmar Friendship Bridge Project and US$45 million (52.76 billion won) to the Myanmar Railways Modernization Project.
The railways modernization project seeks to improve the safety of railroad transportation and use environment in Myanmar by replacing 100 old passenger cars, and supplying equipment and materials to rail yards.
Source: Business Korea