The state-run Export-Import Bank of Korea (Eximbank) will loan a total of US$427 million to help South Korean companies finance the construction of a power plant in Jordan, the bank said Friday.
The financing will be used to build a heavy oil power plant in the Middle Eastern country, worth a total of $812 million, it said.
South Korea's state-run electricity provider Korea Electric Power Corp. and local builder Lotte Engineering & Construction Co. are among those participating in the project, scheduled to be completed in 2014.
The consortium has also signed a management contract with the Jordanian National Electric Power Co. to run the power plant for 25 years, it added.
Japanese energy company Mitsubishi and Wartsila of Finland have also invested in the project, according to Eximbank. (Yonhap)