Islamabad: The federal capital will have an Information Technology (IT) Park by 2020 as a new state-of-the-art facility is being established to facilitate the sector. The IT Park, being established under financing from Korea Eximbank through Economic Development Cooperation Fund (EDCF), is spread over an area of 47.7 acres. The cost estimate for the first phase is $88.25 million for which loan agreement has already been signed. Sources at Ministry of IT on 8 July said Software Technology Parks (STPs) are a major factor in facilitating IT companies and play a major role in development of the IT industry. The construction of IT Park is being done in two phases on 14.9 acres of land. Work on IT Parks in Lahore and Karachi would also be started soon. Pakistan Software Export Board (PSEB) has leased about 45 acres of land in Chak Shahzad, Islamabad to build state-of-the-art IT Park.