The Daewoo Engineering & Construction consortium announced on the 15th that it had signed a project finance (PF) agreement with asset management firms including Shinhan Bank, IBK Industrial Bank of Korea, and Kyobo Life Insurance, which are financial arrangers for the Greater Seoul Metropolitan Express Railway (GTX)-B line private investment project. The consortium assessed that it has established a financial foundation of 3.087 trillion won to fully launch the project.
Kim Bohyun, CEO of Daewoo Engineering & Construction, the lead construction investor, stated, "This agreement marks the successful beginning of the GTX-B private investment project and will serve as the driving force for stable operations over the 40-year period following completion. Based on our construction experience with the GTX-A line and multiple mega projects, we will ensure thorough safety management and the highest construction quality throughout all phases of the project to complete it on schedule."
The GTX-B line will connect a distance of 82.8 kilometers from Songdo in Incheon, passing through Seoul Station, to Maseok in Namyangju. Daewoo Engineering & Construction submitted the project application together with Shinhan Bank in December 2022, and construction began on the 4th of last month.
Kim Bohyun, CEO of Daewoo Engineering & Construction (center in photo), consortium members, and representatives from financial institutions held a financial agreement ceremony for the GTX-B project at a hotel in Seoul on the 15th. Photo by Daewoo Engineering & Construction
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