Eximbank to strengthen ties with Uzbekistan
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Published: 22 Dec. 2021, 18:25

Eximbank to strengthen ties with Uzbekistan

Export-Import Bank of Korea Chairman Bang Moon-kyu poses with Uzbek Deputy Prime-Minister and Minister of Investments and Foreign Trade Sardor Umurzakov at a signing ceremony held on Dec. 15. [THE KOREA EXIMBANK]

Export-Import Bank of Korea Chairman Bang Moon-kyu poses with Uzbek Deputy Prime-Minister and Minister of Investments and Foreign Trade Sardor Umurzakov at a signing ceremony held on Dec. 15. [THE KOREA EXIMBANK]

The Export-Import Bank of Korea (Eximbank) announced Sunday that it has agreed to strengthen economic ties with Uzbekistan, one of the key regional partner countries for the Korean government in its New Northern Policy, via the Economic Development Promotion Facility (EDPF).

 
The EDPF is a funding program for both humanitarian aid and commercial financing.
 
The Korea Eximbank launched the EDPF in 2016 in a bid to provide financial support for developing countries struggling to promote large-scale projects.
 
Eximbank Chairman Bang Moon-kyu signed the memorandum of understanding (MOU) on Dec. 17 with Uzbek Deputy Prime-Minister and Minister of Investments and Foreign Trade Sardor Umurzakov.
 
The signing ceremony held at the Blue House was attended by President Moon Jae-in and President Shavkat Mirziyoyev of Uzbekistan as well.
 
Both governments agreed to enhance cooperation in sectors with strong growth potential such as infrastructure, information technology and healthcare, ranging from government-led projects to public-private partnerships.
 
“The MOU is the final piece in establishing the foundation for economic cooperation between Korea and Uzbekistan,” said Bang.
 
“The Korea Eximbank expects the business opportunity for domestic companies to increase as the Uzbek government is actively promoting new renewable energy projects through public-private partnership.”
 
Prior to the signing ceremony, Bang and Umurzakov signed a loan agreement worth $74 million on Dec. 15 to provide medical supplies for Uzbek hospitals.
 
The project aims to offer modern medical supplies to hospitals in fourteen provinces, bolstering cooperation between Korea and Uzbekistan in the healthcare sector.
 
Korea Eximbank has provided a total of $10.1 billion to Uzbekistan in total, $9.5 billion through bank financing and $630 million through the EDCF.
 
 

By Shin Ha-nee[shin.hanee@joongang.co.kr]
tags The Export-Import Bank of Korea

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