Cutting edge close-up: Pusan port development brings limited-recourse funding to Korea

The structure of the funding package for Pusan New Port has set a benchmark for Korean infrastructure projects. It is the first time both foreign banks and a foreign sponsor have been involved in a financing in Korea, and the first time that lenders have taken on the construction and market risk of a project. By Simon Black and Geoff O'Dea of Allen & Overy, and Ick-Ryol Huh and Seong Soo Kim of Kim & Chang