Export-Import Bank to Establish General Hospital in Uzbekistan through the Economic Development Cooperation Fund

A Total of $160 Million EDCF Support to Uzbekistan, a Key Country in the New Northern Policy
$120 Million for Tashkent General Hospital
$40 Million for Construction of Chemical R&D Center

Kang Kyoo Bang, President of the Export-Import Bank (left in the photo), and Timur Ishmetov, Minister of Finance of Uzbekistan (on the monitor in the photo), signed a loan agreement worth a total of 160 million USD in Official Development Assistance (EDCF) through an online video signing ceremony on the afternoon of the 28th to provide funds for the construction project of Tashkent General Hospital and others.

[Asia Economy Reporter Park Sun-mi] The Export-Import Bank of Korea (KEXIM) announced on the 29th that it has signed a loan agreement to provide a total of 160 million USD in Economic Development Cooperation Fund (EDCF) support to the Ministry of Finance of Uzbekistan (hereinafter ‘Uzbek’) for the construction of the Tashkent General Hospital project with 120 million USD and the Chemical R&D Center construction project with 40 million USD.

This loan agreement was signed following the Korea-Uzbek summit held via video conference the previous day.

EDCF is an economic aid fund for developing countries established by the Korean government in 1987. KEXIM operates and manages the fund under the commission of the Minister of Strategy and Finance. It provides long-term low-interest loans to support industrial development and economic stability in developing countries and helps promote economic exchanges with Korea.

KEXIM is focusing its support on the health and medical sector in Uzbekistan, one of the key countries in the New Northern Policy (accounting for 56.8% of historical support amounts). In 2014, it also provided a total of 100 million USD in loans for the construction of Uzbekistan’s first pediatric specialty hospital. Following this project, KEXIM plans to additionally support related projects such as the National Cancer Center and the College of Pharmacy, aiming to continuously strengthen cooperation in Uzbekistan’s health and medical fields.

Additionally, KEXIM is supporting the ‘Chemical R&D Center Construction Project,’ expanding economic development cooperation between the two countries beyond health and medical collaboration to include the development of core industrial infrastructure. This project involves building a research center that develops high value-added chemical products, new materials, and fuels by utilizing Uzbekistan’s abundant natural resources such as natural gas. Once completed, the R&D center will serve as a critical infrastructure for overall industrial development and contribute to enhancing Uzbekistan’s manufacturing competitiveness.

Bang Moon-kyu, President of KEXIM, stated, “Uzbekistan is a key country in the New Northern Policy, and we will continue to expand cooperation focusing on the health and medical sectors. The two projects supported this time will be an important milestone in the cooperation between the two countries.”

This content was produced with the assistance of AI translation services.