South Korea will create an 85 billion won ($75.2 million) global infrastructure development fund to address the key constraints of private investment in overseas projects, the land ministry said Friday.

The Ministry of Land, Infrastructure and Transportation signed an agreement with the Korea Development Bank and the Export-Import Bank of Korea to shoulder 40 billion won, 25 billion won and 20 billion won, respectively, for the “Global Infra Venture Fund.”

The state investors will raise capital for the blind pool fund to provide a significant part of resources necessary to push forward infrastructure projects. 

The fund can provide up to 10 billion won for a project‘s expenses at an early stage of development, including feasibility studies, financial modeling, legal reviews and selecting projects.

The ministry said it will work with state lenders and local construction companies to search for new projects and design financial packages for large-scale infrastructure programs.

“To survive in the global infrastructure market, we have to thoroughly prepare from the early development stage to financing and management,” Land Minister Kim Hyun-mi said in a release. “We will make every effort to find and support lucrative projects in various areas, including cities, water resources and transportation.” (Yonhap)