□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank“) announced that it will provide a total of US$ 121.14 million in EDCF* loans for Uzbekistan’s ”Tashkent Medical College Establishment Project“ and ”Modernization of Vocational Center Project.“
* The Economic Development Cooperation Fund (EDCF) : Korea Eximbank has been entrusted by the Ministry of Strategy and Finance to operate and manage the fund for developing countries since 1987. It provides long-term low-interest loans to support industrial development and economic stability in developing countries and promotes economic exchanges between developing countries and Korea.
□ On May 2, Hwang Ki-yeon, Senior Executive Director of Korea Eximbank met with Mr. Laziz Kudratov, Minister of Investment and Foreign Trade of Uzbekistan, to sign the Loan Agreement in Tashkent, Uzbekistan.
ㅇ The signing ceremony was held during the ‘Tashkent International Investment Forum (May 2-3),’ which aimed to share the results of Uzbekistan’s reform and open policies, strengthen external cooperation, and attract international investment.
□ Uzbekistan, with a per capita GDP of US$ 2,190 and a population of approximately 36 million as of 2022, is the most populous country in Central Asia. The nation maintains a close cooperative relationship* with Korea across various sectors, including economy, culture, education, and health.
*Korea's trade volume with Uzbekistan in 2023 was US$ 2.36 billion in exports (automotive parts, machinery, etc.) and US$ 0.8 billion in imports (raw materials for paper making, cotton, fertilizers, etc.).
*EDCF support volume for Uzbekistan: ranking in 12th (2022) → 6th (2023)
□ Currently, Uzbekistan has 2.7 doctors per 1,000 people, which is lower than neighboring CIS countries (4.1 in Russia and 3.9 in Kazakhstan). However, the demand for medical care is continuously rising due to overall population growth.
ㅇ To address this demand, Korea Eximbank will provide US$ 70 million in EDCF funding for the Tashkent Medical College Establishment Project. This aims to enhance access to medical care and health services as part of the Uzbekistan government’s ‘Comprehensive Plan for Improving the Medical System’.
ㅇ Once completed, the project is expected to alleviate the shortage of medical professionals in Uzbekistan. It will also showcase the excellence of Korea's advanced medical education system and domestically produced equipment, potentially expanding opportunities for Korean companies in the market.
□ Additionally, US$ 51.14 million will be allocated for the Modernization of Vocational Center Project.
ㅇ This project aligns with the ‘Digital Uzbekistan 2030 Strategy’ and will equip vocational high schools with the latest IT equipment and software necessary for IT subject classes. The goal is to train highly skilled IT human resources.
ㅇ Upon completion, the project is expected to significantly improve the quality of vocational education in Uzbekistan, enhancing students' modern digital job skills.
□ At the ceremony, Mr. Hwang of Korea Eximbank stated, “We will further promote cooperation between our two countries by supporting EDCF projects that align with Uzbekistan's national development policies. EDCF will serve as a bridgehead for Korean small-and medium-sized companies, producing and developing digital products, such as medical and IT equipment, facilitating their entry into the Central Asian market.”
