The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon "Korea Eximbank") announced on September 29 that it signed a Financing Protocol with the Government of the Republic of Uzbekistan to provide financial support for the "Construction of New Passenger Terminal for Tashkent International Airport Project."

Korea Eximbank Chairman Lee Duk-Hoon met with Uzbekistan's First Deputy Prime Minister and Minister of Finance Rustam Azimov on September 29 at Lotte Hotel in Seoul and signed the Financing Protocol.

Once all the necessary processes are completed including the final authorization by the Ministry of Strategy and Finance of Korea on the financing requested for the project, the "Construction of New Passenger Terminal for Tashkent International Airport Project," valued at USD 350 million, is expected to be the first airport construction project that EDCF has ever supported.

Korea Eximbank and the government of Uzbekistan will discuss the financing* and procurement plan taking account of facilitating Korean companies' participation** in the project based on the Financing Protocol.

* Composite financing which combines Korea Eximbank's export credit (USD 50 million) and EDCF loan (USD 200 million) and co-financing with the Uzbekistan Fund for Reconstruction and Development (UFRD, USD 100 million)

** The bidder selected in a competitive bidding process among Korean firms is awarded the EPC contract.

Upon completion of the project, the terminal will be able to serve increased number of passengers addressing the long overdue issue of insufficient capacity of the existing terminal, and will contribute to the modernization of the Tashkent airport so that it can be the hub airport in Eurasia.

It is notable that Korean companies equipped with excellent technologies will participate in this project, which brings about the expectation that the project will trigger subsequent projects in the area of airport system such as immigration control and customs clearance system, etc. to be implemented by Korean companies.

At the signing ceremony, Chairman Lee expressed his hope that "The Korean companies will successfully implement the project contract amounting to USD 350 million with Korea Eximbank's support." He added that ”We look forward to Korean companies' expansion into the Central Asian markets in the airport sector."