The Deputy PM Sardor Umurzakov held talks with the President of the Eximbank of Korea Bang Moon-kyu In Seoul on Wednesday.

The parties underscored the active nature of cooperation and the upward trend 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). So, if 4 projects were implemented with Eximbank total worth of about US$ 180 million in 2014-2017, while in 2018-2020, 7 projects were already implemented worth over of US$ 660 million.

The parties also reviewed the mechanisms of interaction, allowing to expedite 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 mutually beneficial partnership.

The Deputy PM Umurzakov expressed gratitude for the decision to increase the volume of concessional financing through EDCF worth of US$ 1 billion to finance new investment projects in Uzbekistan. The cooperation program for 2021-2023 will include 13 projects with a total value of US$ 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 Economic Development Promotion Fund (EDPF) for the joint implementation of new projects in the fields of electrical engineering, biopharmaceuticals, metallurgy and the chemical industry.

Also, loan agreements were signed for the project "Equipping medical facilities of the Republic of Uzbekistan with medical equipment" worth US$ 88.8 million and for the project "Construction of an oncological clinic" in worth US$ 150 million.