First Korea-Paraguay G2G, KIND-Paraguay Railway Corporation MOU Signed

[Asia Economy Reporter Yoo In-ho] The Ministry of Land, Infrastructure and Transport announced on the 25th that the government-civil joint delegation, consisting of the Ministry of Foreign Affairs, Korea Overseas Infrastructure & Urban Development Corporation (KIND), and others, has secured a foothold for participation in the Paraguay urban railway project worth 500 million dollars.

The government-civil joint delegation, which recently visited Paraguay, signed a Memorandum of Understanding (MOU) between KIND and Paraguay Railway Corporation (FEPASA) on the 19th. The delegation is composed of the Ministry of Land, Infrastructure and Transport, Ministry of Foreign Affairs, KIND, Korea Rail Network Authority, as well as private construction companies.

The Paraguay light rail project is a 500 million dollar public-private partnership (PPP) to build an urban railway connecting the capital Asuncion and the outskirts Ypacarai. It is a monumental project to construct the first urban railway in Asuncion city, where there has been no urban railway except for the old colonial-era railway.

Through this MOU, KIND will jointly cooperate with Paraguay Railway Corporation (FEPASA) on future railway project planning, financial procurement, investor and contractor engagement, and other related matters.

As a first follow-up step of the MOU, KIND plans to start a feasibility study this year at the request of Paraguay Railway Corporation.

During the feasibility study period, our side plans to complete all related preparations such as establishing Team Korea and finalizing financial procurement plans.

This content was produced with the assistance of AI translation services.