Kim & Chang advised the Export-Import Bank of Korea (“KEXIM”) on its support for a USD 1.3 billion add-on financing for the construction of a tunnel below the Panama Canal in relation to the construction of Panama’s Line 3 Metro project by a consortium comprised of Hyundai E&C, POSCO and Hyundai Engineering.

When complete, this project will extend Panama City’s Line 3 Metro to previously underserved city suburbs and is expected to greatly reduce commuting times and chronic traffic congestion for up to 500,000 residents in West Panama.

The financing was led by the private investment arm of the Inter-American Development Bank and included a tranche financed directly by KEXIM as well as a tranche supported by the Korea Trade Insurance Corporation.