Daewoo E&C consortium said on the 16th that on 15th it signed a 3.087 trillion won project financing (PF) agreement for the Seoul metropolitan area express railway (GTX)-B line private investment project with arranging banks Shinhan Bank and IBK Industrial Bank of Korea, Kyobo Life Insurance, and asset management firms, among others.
A Daewoo E&C official said, "This agreement is significant in that it established a key financial foundation for fully launching the GTX-B line, which will ease traffic congestion in the Seoul metropolitan area and drive balanced development," adding, "Financial investors and lenders led by Shinhan Bank plan to actively support the smooth progress of this project based on stable fundraising capacity and expertise."
Daewoo E&C President Kim Bo-hyeon, who attended the signing ceremony as the lead construction investor, said, "This agreement is a signal flare heralding the successful start of the GTX-B private investment project and will serve as the driving force that will carry the project smoothly not only through completion but also throughout the 40-year operation period," adding, "Daewoo E&C will achieve on-time completion with thorough safety management and the highest construction quality across the entire construction process of GTX-B, based on its construction experience with the preceding GTX-A and its track record with numerous mega projects."
The GTX-B line connects an 82.8-kilometer section from Songdo in Incheon to Seoul Station and Maseok in Namyangju. When it opens, it is expected to significantly improve the east-west axis metropolitan transport network and drastically shorten commuting times. Daewoo E&C submitted a project application with Shinhan Bank in Dec. 2022 and broke ground on Aug. 4.