Korean bank to provide funds for IT park

ISLAMABAD: Government of Pakistan and Korean EximBank (KEXIM) signed loan agreement on Tuesday for a new information technology park in Islamabad.

Total project cost is $88.383 million, including loan of $76.3 million from KEXIM under the Economic Development Cooperation Framework (EDCF) arrangement. Economic Affairs Division secretary Tariq Mahmood Pasha and KEXIM executive director Younghoon Chang signed the document.

The loan signing ceremony was witnessed by finance minister Senator Mohammad Ishaq Dar and IT minister Anusha Rahman. Korean ambassador in Pakistan, Dr Dong-gu Suh, senior officials from KEXIM, Ministry of Finance, Ministry of IT, Pakistan Software Export Board (PSEB), and Economic Affairs Division(EAD) were also present.

Finance minister Ishaq Dar welcomed the agreement for the IT Park Project, and thanked the Korean government for their continued support. He said the park would attract investment and bring technology to the country. Dar also invited KEXIM to establish a representative office in Pakistan.

Anusha Rehman said the project was long awaited, and similar types of projects would be initiated in Lahore and Karachi. She said IT Park in the capital city was a major step towards realising the goal of digital Pakistan.

“This multi-purpose IT Park will be spread over an area of 45 acres and accommodate more than 100 companies, have day care centres and other facilities,” she added. KEXIM executive director Younghoon Chang said Pakistan's digital landscape would be further expanded through the IT park. He said KEXIM would continue to partner with Pakistan in its socioeconomic development.