On July 8, Korea Development Bank (KDB) announced that it has approved project financing (PF) for the "Busan New Port Grain Terminal Private Investment Project" as the third initiative under its "KDB Smart Ocean Infrastructure Fund Program," which was launched to comprehensively support port infrastructure.
The KDB Smart Ocean Infrastructure Fund Program was established in June 2023 to support the eco-friendly and smart transformation of ports, the development of hinterland complexes, and the construction of smart logistics centers. The program operates with a total fund size of $1.2 billion.
This project involves closing the existing aging grain terminal and constructing and operating a new grain terminal (with a capacity of 50,000 DWT) at Busan New Port. It will be carried out as a Build-Transfer-Operate (BTO) revenue-type private investment project. KDB and Korea Ocean Business Corporation jointly established a fund of 135 billion KRW to participate in this project, which requires a total investment of 240 billion KRW.
KDB expects that the construction of this state-of-the-art grain terminal?the first new facility of its kind in 17 years since the Pyeongtaek-Dangjin terminal was completed in 2011?will supplement the functions of the aging domestic grain terminals and contribute to strengthening national food security.
A KDB representative stated, "We will continue to make efforts to enhance the global competitiveness of domestic ports by providing active financial support for next-generation port infrastructure in the future."
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