South Korea granted Pakistan $76.28 million in loans to build an Information Technology Park project in Islamabad.
The Ministry of Information Technology and Telecommunications (MoITT) has confirmed that the Republic of Korea’s Economic Development Cooperation Fund (EDCF) has sent a $76.28 million loan to the government through the Export-Import Bank of Korea to establish the IT Park project in Islamabad.
The Ministry has said that Bank will tell the terms and conditions for the contract and payments, in all respects, to the terms and conditions of the loan agreement, including the guidelines for procurement under the EDCF loan. Unless the Bank may agree otherwise, no party other than the borrower obtains any rights under the loan agreement or has any claim on the proceeds of the loan.
MoITT, which is the Project Executing Agency (PEA), offered eligible bidders to build the Information Technology Park, Islamabad, with the supply, installation, and commissioning of ICT infrastructure and security equipment.
The works and acquisitions to be carried out in this project are as follows:
- Construction of the IT Park building – a building with ten  floors above ground and two  basements with a gross construction area of 66,893,643 m2;
- Offices, sharing rooms (conference rooms, data centers, etc.), amenities, reserve power, and parking area
- Implementation of ICT infrastructure and security and commissioning system
- ICT infrastructure: building network, tier-iii data center, mis, wi-fi, pa system, videoconference system, etc. – security system: security fence, human and vehicle control system, CCTV, etc.
The estimated period of work and acquisition is 30 months.
The Islamabad IT Project is expected to provide more than 5,000 direct and indirect employment opportunities during the construction phase and approximately 15,000 employment opportunities for IT specialists, students, and industry-related people upon completion.