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South Korea to Provide More EDCF for Uzbekistan
Assistance Program
South Korea to Provide More EDCF for Uzbekistan
  • By Jung Suk-yee
  • December 22, 2016, 02:45
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Deputy Prime Minister of Uzbekistan Rustam Azimov (right in the picture) and South Korean Deputy Prime Minister Yoo Il-ho at the fourth annual finance ministers’ meeting between the two countries.
Deputy Prime Minister of Uzbekistan Rustam Azimov (right in the picture) and South Korean Deputy Prime Minister Yoo Il-ho at the fourth annual finance ministers’ meeting between the two countries.

 

South Korean Deputy Prime Minister Yoo Il-ho met with Deputy Prime Minister of Uzbekistan Rustam Azimov in Seoul on December 21. There, the South Korean and Uzbekistan governments agreed to an increase in Economic Development Cooperation Fund (EDCF) assistance limit from US$250 million to US$400 million and signed two loan contracts for the construction of a new passenger terminal at the Tashkent International Airport and a national data center.

In addition, the two governments promised to keep working closely with each other for the success of projects led by South Korean enterprises such as those for building gas and methanol treatment facilities in Kandym. They are going to provide more assistance for South Korean companies for more than 10 such projects like the combined cycle power plant project in Tahiatash and chemical industrial complex expansion in Shurtan.

The loan contract regarding the construction of the new passenger terminal is the first financial assistance package in the field of airport construction, in which the EDCF, export financing, and the like are linked to one another.

“The South Korean government will continue to enhance the effect of cooperation for development and financing by means of combination among EDCF, export financing, KSP and the like,” said the South Korean Deputy Prime Minister, adding, “I hope the two governments will work with each other in many more fields down the road.”