On August 12, President Shavkat Mirziyoyev approved the main parameters of the feasibility study for the purchase of six Hyundai Rotem high-speed electric trains from South Korea. The trains are planned to be purchased using trade finance from Korea Eximbank.
The total price is estimated at 220.03 million euros. Under the agreement, Uzbekistan will contribute 21.3 million euros, Uzbekistan Railways will contribute 13.5 million euros, and Eximbank of Korea will provide a loan in Korean won equivalent to 185.18 million euros for 40 years, including a 10-year grace period.
The purchase will be implemented over 6 years, from 2024 to 2030. The new trains are expected to carry 1.31 million passengers per year. The purchase payback period is estimated at 25.1 years.
The executive bodies responsible for the implementation of the project and the targeted use of the loan are Uzbekistan Railways and Temiryulekspress within it. Temiryulekspress will repay the debt and interest on it.
The NBU will become the financial agent for credit settlements, which will receive the right to enter into agreements with the authorized bank from the Korean side. The Minister of Economy and Finance Jamshid Kuchkarov will be able to enter into an agreement on refinancing loans.
Hyundai Rotem trains are planned to be purchased for the Tashkent-Khiva railway service. The train consists of 7 cars, can accommodate 351 passengers and speed up to 250 km/h.
The decree notes that the electrification of the Bukhara-Urgench-Khiva railway with a length of 465 km is planned by the end of this year and the Miskin-Nukus road by the end of 2026.
After the launch of the high-speed service, it is expected that it will be possible to travel from Tashkent to Khiva almost twice as fast (currently it takes more than 13 hours).
