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Negotiations with the President of the Eximbank of Korea

Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov met with President of the Eximbank of Korea Bang Moon-kyu during the visit of the Government Delegation of Uzbekistan in Seoul.­

The meeting focused on discussion of the dynamics in joint projects, as well as prospects to expand the Bank's project portfolio in Uzbekistan.

For reference: the Bank's funds were involved in 17 joint projects in Uzbekistan worth USD 2.1 billion. There was accelerated growth in project financing mainly within 2017-2020.

The top officials of the Bank said that they will make every effort to minimize negative economic factors for the implementation of projects in Uzbekistan in spite of the current epidemiological situation and its impact on the global economy.

The meaningful and constructive dialogue enabled covering of a wide range of issues and suggestions. The parties agreed to intensify joint work to accelerate the signing of loan agreements for a number of projects already approved by the Bank in 2019.

Moreover, they agreed to accelerate the preparation of feasibility studies, the selection of consultants and contractors to start construction work on projects under implementation, including the creation of the Tashkent Pharma Park pharmaceutical cluster, a multidisciplinary medical center for adults, oncology clinic, medical university and the center of chemical technology.

The Korean side also expressed interest in further expansion of financial and technical cooperation with Uzbekistan. To do this, there will be a joint elaboration of agreement between the Ministry of Investment and Foreign Trade and the EDCF Fund under the Eximbank of Korea on cooperation in economic development for 2021-2023 providing for an increase in the concessional financing program from USD 500 million to 1 billion.

The parties agreed on the prospects of attracting the Eximbank of Korea to finance infrastructure projects in Uzbekistan, including through public-private partnerships, for which the Korean side will review the proposed project proposals.

Besides, they discussed creation of a joint fund to stimulate the development of small and medium-sized businesses in Uzbekistan with the concept agreed to be worked out in the near future.

In addition, the top officials of the Bank will consider the prospects to intensify the cooperation with commercial banks of Uzbekistan through additional credit lines in order to increase financing of projects involving entrepreneurs of the two countries.

The meeting resulted in determination of priority tasks under the discussed areas for the development of cooperation and further systematic work.