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Korea Eximbank commits financing in PF for Mersey Gateway Bridge Building Project in UK

Writer: Admin
Date: 2015-12-08
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The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, "Korea Eximbank") announced on November 30 that the bank will provide financing to 'Mesey Gateway Bridge Building Project' in UK awarded to Samsung C&T.

The Mesey Gateway Project, aimed at building a 2.13km-long cable-stayed bridge* and bridge approaches, amounts to 600 million pounds.

Samsung C&T(33.3 percent share or 150 million pounds) formed a consortium for design and construction with a British construction company, Kier group and a Spanish construction company, FCC and won the contract in April last year. The consortium has been conducting the project since then.

Korea Eximbank will provide 100 million pounds in project financing to the project.

The funding provided to this project is Korea Eximbank's support for the Korean company's entry into the advanced British infrastructure PPP market for the first time.

This is likely to broaden opportunities for Korean companies to make inroads into the British construction market which requires advanced technical skills and considerable experience in implementing projects.

A Korea Eximbank official remarked, "The hallmarks of the special bridge construction project sector such as building the cable-stayed bridges are added values and the large number of decent jobs." He added, "Once this project is successfully completed, it is expected that more Korean construction companies will be able to participate in other projects in UK, taking advantage of Korea Eximbank's firm financial support and their cutting edge technologies."

With an aim to facilitate Korean construction companies' advancement into the construction market in UK, Korea Eximbank had signed an MOU with UK Trade and Investment in March last year for invigorating Korean companies' investment in prospective infrastructure projects in UK.

Meanwhile, Korea Eximbank formed the 'infrastructure council' in May, consisting of Korea Expressway Corporation, Korea Water Resources Corporation, Incheon International Airport Corporation, Korea Land and Housing Corporation, Korean Railroad Corporation, and Korea Airports Corporation, followed by signing an MOU with them for strengthening their support to the infrastructure sector.

Korea Eximbank has been actively promoting Korean companies' expansion into the overseas infrastructure market in numerous ways, such as holding seminars on PPP and other sectors on a regular basis and discussing various relevant topics with international organizations and EPC companies.

Source : https://koreaexim.go.kr/site/program/board/basicboard/view?menuid=002001007&pagesize