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Eximbank of Korea expands its presence in Uzbekistan

In Seoul, Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov held talks with the President of the Eximbank of Korea Bang Moon Kyu.

The active nature of cooperation and the positive dynamics of growth in the number of projects implemented with the co-financing of the Economic Development and Cooperation Fund of the Republic of Korea EDCF were noted. So, if in 2014-2017, together with Eximbank, 4 projects were implemented for the amount of about $ 180 million, then in 2018-2020, 7 projects were already implemented for the amount of $ 660 million. The priority areas of cooperation with the Bank are healthcare, education and infrastructure development.

During the dialogue, mechanisms of interaction were considered, allowing to speed up the processes of preparation, study and approval of projects that are at the stage of elaboration with the aim of accelerating the development of the mutually beneficial partnership.

The Uzbek side expressed gratitude for the decision to increase the volume of concessional financing through EDCF in the amount of $ 1 billion to finance new investment projects in Uzbekistan. The cooperation program for 2021-2023 will include 13 projects with a total cost of $ 1.2 billion. The parties agreed to establish close cooperation on the accelerated promotion and practical implementation of these projects.

Further steps were also outlined to deepen cooperation with the newly created Foundation for the Promotion of Economic Development EDPF for the joint implementation of new projects in the fields of electrical engineering, biopharmaceuticals, metallurgy and the chemical industry.

Following the talks, the parties expressed their commitment to continuing systematic work to further develop the partnership in the designated areas. Also, loan agreements were signed for the project “Equipping medical facilities of the Republic of Uzbekistan with medical equipment” in the amount of $ 88.8 million and for the project “Construction of an oncological clinic” in the amount of $ 150 million.