As planning progressed, the Korea High Speed Rail Construction Authority (KHSRCA) was established in March 1992 as a separate body with its own budget responsible for the project. In the 1993 reappraisal of the project, the completion date was pushed back to May 2002, and cost estimates grew to 10.74 trillion won. 82% of the cost increase was due to a 90% increase in unit costs in the construction sector, mostly labour costs but also material costs, and the remainder due to alignment changes. To finance the project, the option of a build-operate-transfer (BOT) franchise was rejected as too risky. Funding included direct government grants (35%), government (10%) and foreign (18%) loans, domestic bond sales (31%) and private capital (6%).