Pakistan and Korean Exim Bank sign loan agreement for IT park

The government of Pakistan and Korean Exim Bank signed loan agreement on Tuesday for a new information technology park in Islamabad.

Total project cost is US $ 88.383 million including a loan of US $ 76.3 million from Korean Exim Bank under the Economic Development Cooperation Framework (EDCF) arrangement.

Secretary Economic Affairs Division (EAD), Tariq Mahmood Pasha and Executive Director of Korean Exim Bank, Younghoon Chang signed the document.

The loan signing ceremony was witnessed by Minister for Finance Senator Mohammad Ishaq Dar and Minister of State for IT and Telecom, Anusha Rahman.

Korean ambassador to Pakistan, Dr. Dong-gu Suh, senior officials from Korea Exim Bank, Ministry of Finance, Ministry of IT, Pakistan Software Export Board (PSEB), and Economic Affairs Division (EAD) were also present.

Finance Minister Ishaq Dar on the occasion welcomed the agreement for IT Park Project and thanked Korean Government for their continued support.

He said Park would attract investment and generate more IT exports in the country.

Ishaq Dar also invited Korean Exim Bank to establish a representative office in Pakistan.

Anusha Rehman said IT park project was long awaited in Pakistan and similar kinds of more projects would also be initiated in Lahore and Karachi.

She said IT Park in the capital city was a major step towards realizing the goal of digital Pakistan.

Anusha said this multi-purpose IT Park would be spread over an area of 45 acres and it would accommodate more than 100 companies, have daycare centers and other facilities.

Executive Director of Korean Exim Bank, Younghoon Chang said Pakistan’s digital landscape would be further expanded through IT Park.

He said the project would benefit the whole of Pakistan.

He said Korean Exim Bank would continue to partner Pakistan in its socio-economic development.