Daegu Urban Corporation Issues ESG Bonds to Secure Funds for Dalseong Park Relocation
KRW 20 Billion Scale 'Daegu Grand Park Special Project'
Daegu Urban Development Corporation announced on the 23rd that it will issue ESG bonds worth 20 billion KRW to be used as funding for the long-awaited local project, the ‘Daegu Grand Park Private Park Development Special Project.’
The ‘Daegu Grand Park Private Park Development Special Project’ is a project being promoted by Daegu Urban Development Corporation with a total project cost of 1.25 trillion KRW invested in the Samdeok-dong area of Suseong-gu. It aims to resolve the issue of long-term unexecuted parks due to the park sunset system, relocate the Dalseong Park Zoo, and supply public housing.
Daegu Urban Development Corporation obtained the highest ESG financial certification rating, STB1, from Korea Ratings in 2022.
ESG financial certification is an objective evaluation that determines the ESG (Environmental, Social, Governance) suitability of projects subject to ESG bond issuance. It evaluates the ESG eligibility of the target project and the ESG system of the issuing institution to produce a final rating.
In the 2022 business settlement, Daegu Urban Development Corporation also strengthened its financial soundness by proactively reducing its debt ratio by 158% compared to the government-recommended debt ratio of 300% for local public enterprises, achieving a net income of 21.7 billion KRW and a debt ratio of 142%. As a result of efforts to expand capital for future new investment projects, it secured an AA+ rating in the ESG bond issuance credit evaluation in March this year, laying the foundation to secure project funding in a timely manner.
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Jung Myung-seop, President of Daegu Urban Development Corporation, emphasized, “Through the issuance of ESG bonds, we will steadily promote ongoing projects and actively participate in key projects for Daegu’s rise, such as the promotion of the 2nd National Industrial Complex, preparing the foundation for Daegu’s future prosperity over the next 50 years, based on the corporation’s sound financial structure.”
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