Woori Bank Signs 600 Billion KRW Contract for 'National Defense Wideband Integrated Network' Project
After signing the financial agreement for the next-generation Defense Wide Area Network construction at Lotte Hotel in Jung-gu, Seoul, the day before, Lee Moon-seok, Vice President of Woori Bank (second from the left), and other officials are taking a commemorative photo. Photo by Woori Bank
View original image[Asia Economy Reporter Song Seung-seop] Woori Bank announced on the 26th that it has completed the financial arrangement and project financing (PF) agreement for the Ministry of National Defense's next Defense Wideband Integrated Network Construction Project.
The PF scale is 600 billion KRW, with Woori Bank serving as the lead arranger. NH Nonghyup Life Insurance and IBK Industrial Bank of Korea are joint arrangers, and Templeton Hana Asset Management is participating as a financial investor. Last August, Woori Bank formed a consortium with KT and secured the financial arrangement rights for the installation of network infrastructure spanning 11,534 km across 2,322 units nationwide, transmission and switching network installation, and the construction of an integrated network management center facility.
This project is a program promoted by the Ministry of National Defense to respond to advanced scientific and technological developments and changes in future battlefields. It is a lease-type private investment project (BTL) scheduled for two years of design and construction and ten years of operation. Upon completion, the Ministry of National Defense will establish a core communication system to provide stable communication support and ultra-high-speed, ultra-connected services during both wartime and peacetime.
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A Woori Bank official stated, "Despite the challenging domestic and international environment, including rapid interest rate hikes and a sluggish market atmosphere, we were able to successfully arrange large-scale financing based on accumulated arrangement know-how and practical experience," and emphasized, "As social finance certified with the highest grade (S1) by Korea Ratings, we will continue to expand financial arrangement and investment in private investment projects."
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