Pak Govt Receives $76.28 Million Loan From Korea To build IT Park

The Republic of Korea has given to Pak Government a loan of $76.28 million to set up a project for the IT Park in Islamabad. The Ministry of IT and TC confirmed that, with the support of the Economic Development Cooperation Fund (EDCF) of the Republic of Korea, the Government of Pakistan has been provided with a loan from the Export-Import Bank of Korea, the cost of establishing the IT Park Project in Islamabad and is seeking to apply a portion of the proceeds from the project.

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Pak Govt Receives $76.28 Million Loan From Korea To build IT Park In Islamabad

The Ministry has explained that the contract and payments terms and conditions by the bank, in all respects to the terms and conditions of the loan agreement including the guidance for loans investment areas. Except the Bank may especially otherwise agree, no party other than the borrower swill derive any rights from the loan agreement or have any claim to the loan proceeds.

Applications are also submitted by eligible contractors to the Project Executing Agency (PEA) to build (IT Park Islamabad) Technology Park in Islamabad, which supply and instal and commission ICT infrastructure & security equipment to the Ministry of Information Tech and Telecom.

In this project, works and acquisitions are as follows:

  • IT Park Building: Ten floors [10] and two [2] basements with an area of 66.893.643.
  • Office buildings, rooms for shareholders (conference rooms, data centres and so on), amenities and parking area, back up power, parking facilities;
  • Implementation and commissioning of ICT infrastructure & safety system, network building, data centre, wifi pa system, video conferencing,
  • Security system: fence protection, the control system for human beings and vehicles, CCTV, etc.

Moreover, work and purchasing times are estimated at 30 months.

Bids will be carried out by competitive bidding procedures (single-phase two envelope-based) specified in the EDCF Loan Procurement Guideline.

The Islamabad IT Project is anticipated to provide over 5,000 direct and indirect jobs for IT experts, students and industry-related people in the construction phase and around 15,000 jobs after completion of IT park Islamabad.

Also Read: Pakistan and China to work together on materials technology

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