BAKU, Azerbaijan, August 1. Uzbekistan and the
Export-Import Bank of Korea (KEXIM) reviewed the implementation of
a $3.6 billion portfolio of development projects and agreed to
continue strengthening cooperation under the Economic Development
Cooperation Fund (EDCF).
This was reflected in the statement by the Uzbekistan's Ministry
of Investments, Industry and Trade.
The discussions took place on July 31 during a meeting between
Deputy Minister of Investments, Industry and Trade Shokhrukh
Gulamov and representatives of KEXIM.
The parties assessed the current status of projects financed
through the EDCF and discussed prospects for further cooperation
under the bilateral development financing framework.
"The parties agreed to continue exchanging information and
strengthening practical cooperation in the implementation of
projects," the ministry said in a statement.
According to the ministry, KEXIM's portfolio in Uzbekistan
comprises 27 projects with a combined value of $3.6 billion. Of
those, nine projects worth $366.6 million have been completed, 10
projects valued at $1.08 billion are currently under
implementation, and eight projects worth $2.19 billion are in the
development stage.
The officials reaffirmed that EDCF projects are prepared and
implemented within the framework of the existing intergovernmental
cooperation mechanisms between Uzbekistan and South Korea and in
accordance with established procedures.
The two sides also emphasized that procurement processes,
including the selection of consultants, contractors and suppliers,
are conducted on the principles of transparency, fairness and open
competition.
The meeting reflects the long-standing development partnership
between Uzbekistan and South Korea, with EDCF financing supporting
projects across infrastructure, public services and other priority
sectors as Uzbekistan continues to modernize its economy and expand
international development cooperation.
