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Boryeong city & KAMCO formed a biz- partnership for a KRW 98.8bln worth of community investment

According to Yonhap News

The city of Boryeong, South Chungcheong Province announced on Apr. 1 that the local authorities have successfully reached a business contract worth KRW 98.8 for four different sets of SOC projects with Korea Asset Management Corporation (KAMCO).

The details of the investment pact include construction plans to build up a local multi-complex business center near downtown (predicted to cost KRW 50 billion), an entertainment park where visitors can enjoy both indoor and outdoor mud festival (KRW 24.8 billion) ,parking lots (KRW 10 billion) and an attendee experience zone to meet with fortune tellers (KRW 13.5 billion).

The construction is set to get under way in the forms of co-payment, under which KAMCO covers the upfront cost for the city, relatively underfunded, at the beginning of the project, then Boryeong city pays back in installment once securing city budget resources.

Source Text

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Source: Yonhap News (Apr. 1 , 2020)

** This article was translated from Korean.

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