A new era for Korean project finance

The signing of the Pusan Newport project heralds a new era for foreign involvement in Korean infrastructure.

Despite Korea's emergent role as the darling of foreign investors in Asia, there has to date been little foreign participation in financing for Korean infrastructure development. But the Pusan Newport project that signed last week could herald a new chapter for foreign involvement in Korean project finance.

The financing package is for the construction of phase 1 of the Pusan Northern Container Port, which will see the construction of a new container terminal with 6 berths and 2,000 metres of quay and intermodal facilities. The total cost of the project is around $1 billion.

The two main sponsors of the project are Samsung 25% and CSX World Terminals 24.5%. The...

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