The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman BANG, Moon-kyu, “Korea Eximbank”) announced on January 29 that it has signed a loan agreement with Uzbekistan's Ministry of Finance to provide $120 million for the construction of Tashkent General Hospital and $40 million for a Chemical R&D Center.
The agreement was signed on the occasion of the Korea-Uzbek summit, which was held on January 28 through a video conference.
Korea Eximbank has been focusing its support on the health and medical sectors of Uzbekistan, one of the key countries in Korea’s New Northern Policy (to date 56.8% of its support has been extended to these sectors).
Earlier in 2014, Korea Eximbank provided a total of $100 million in loans to build Uzbekistan's first children's hospital. As a follow-up project, the bank will be supporting the construction of Tashkent General Hospital, leading the advancement of the Uzbek medical system.
Once the general hospital is completed, systematic management of severe diseases will be possible, reducing the death rate in the nation and saving people’s spending on medical expenses in overseas countries. Ultimately it will generate a great socio-economic effect.
Following the project, Korea Eximbank will support other projects as well including the National Cancer Center Project and the Pharmacological University Project and continue cooperation in Uzbekistan's health and medical fields going forward.
With the loan agreement signed, Korea Eximbank would also support the Chemical R&D Center Construction Project to further expand cooperation in economic development between the two countries, including cooperation in health and medical sectors and infrastructure development.
The project is to build a research center that would focus on development of high value-added chemicals, new materials and fuel utilizing Uzbekistan's abundant natural resources such as natural gas.
Once the R&D center is completed, it is expected to be instrumental in industrial development, contributing to strengthening Uzbekistan's manufacturing competitiveness.
"Uzbekistan is a key country in the New Northern Policy and we will continue to expand cooperation in the health and medical sectors," said Korea Eximbank Chairman Bang Moon-kyu. He added, "The two projects will serve as an important momentum for cooperation between the two countries."