For US$2.8 Billion Infrastructure Project
The Export-Import Bank of Korea announced on June 17 that it will provide US$760 million by purchasing mid- to long-term export bonds for the Panama Metro Line 3 project landed by Hyundai Engineering & Construction (E&C).
If the Panama Metro Corporation issues a payment agreement according to the process rate, the Export-Import Bank of Korea will purchase it at a discount and pay it in advance to Hyundai E&C.
The Panamanian Metro Line 3 project is a US$2.8 billion infrastructure project to build a 25-kilometer elevated railway, 13 stations and a train base in Panama City, the capital of Panama.
In 2019, Hyundai E&C, POSCO E&C, and Hyundai Engineering formed a consortium and participated in the bidding for the project.
The Export-Import Bank of Korea plans to purchase US$760 million worth of export bonds over the next five years to help the Hyundai E&C-led consortium recover construction costs early. More than 10 financial institutions, including the state-run Korean bank and the International Commercial Bank will participate in the project with a total purchase amount of US$2.7 billion.