Loan to Be Used for Construction of Hospital, Chemical R&D Center
The Export-Import Bank of Korea (Korea Eximbank) announced on Jan. 29 that it has signed a loan agreement with Uzbekistan's Ministry of Finance on Jan. 28 to provide the central Asian country with a total of US$160 million through the Economic Development Cooperation Fund (EDCF) Program of the Korean government.
Uzbekistan will use US$120 million for the construction of the Tashkent General Hospital and US$40 million for a chemical R&D center.
The loan agreement was signed on the occasion of a Korea-Uzbek summit held through a video teleconferencing system on Jan. 28. For Uzbekistan, one of the key nations in South Korea’s new northern policy, Korea Eximbank has been focusing its support on the health and medical sectors, About 60 percent of its support thus far has been invested in these sectors.
Earlier in 2014, Korea Eximbank provided a total of US$100 million in loans for the construction of the first children's hospital in Uzbekistan. Once the general hospital is completed, systematic management of severe diseases will become possible, lowering the nation’s death rate and saving people’s spending on treatment and medical services in overseas countries. Ultimately it will generate huge social and economic effects.
Bang Moon-kyu, president of Korea Eximbank, said, “We will continue to expand cooperation in the health and medical sectors down the road. The two projects to be supported this time will serve as an important opportunity for cooperation between the two countries.”