The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, "Korea Eximbank") announced on May 28 that it signed a framework agreement amounting to USD 2 billion for financial cooperation with the National Bank for Foreign Economic Activity of Republic of Uzbekistan(NBU), the largest state-owned bank in the country. Korea Eximbank Chairman Lee Duk-Hoon met with NBU CEO Saidakhmat Rakhimov at the Korean Presidential Blue House and signed the framework agreement in which the two organizations agreed to cooperate in Korea Eximbank's financial support worth USD 2 billion, to exchange information regarding future development projects in Uzbekistan, to alleviate regulations on foreign exchange, and to consider preferential measures awarded to Korean companies. The agreement was signed in the presence of President Park Geun-Hye and President Islam Karimov of Uzbekistan.
As an important gateway to Central Asia, Uzbekistan is the tenth largest natural gas producing country where expansion of development of energy, construction · plant, and infrastructure sectors is underway. Also, the country is a hub for Korean firms making entries and investments in the region.
With conclusion of the agreement, it is likely that Korean companies financially supported by Korea Eximbank will have increased project opportunities thanks to the information of development projects in Uzbekistan provided timely.
After the ceremony, Chairman Lee remarked, "This framework agreement with NBU opened the way for Korean companies to expand into Uzbekistan and to win development projects." "Korea Eximbank will provide all-out supports for Korean companies to enhance their competitiveness to participate in development projects in Uzbekistan. Furthermore, we, at the Bank will strengthen cooperative relationship with the Uzbekistan government and local national banks consistently so as to utilize Uzbekistan as a bridgehead country for the Eurasia Initiative."
Korea Eximbank also singed a loan agreement with Uzbekistan Ministry of Finance at the Korean Presidential Blue House on the same day to provide a USD 33 million EDCF loan to fund the 'Educational Informatization Project phase Ⅱ'. Chairman Lee met with General Director Rustam Azimov of the Uzbekistan Ministry of Finance and signed the loan agreement in the presence of Presidents of the two countries.
'Educational Informatization Project phase Ⅱ' is a subsequent project to 'Educational Informatization Project' implemented in Uzbekistan with supports provided by EDCF in 2006. The purpose of the project is to set up computer classrooms in elementary schools in Uzbekistan nationwide. In 2006, the Korean government has successfully set up computer classrooms and central multimedia contents development center for 1770 elementary schools by funding USD 30 million to 'Educational Informatization Project' of Uzbekistan. The objectives of the 'Educational Informatization Project phase Ⅱ' are to set up 2229 computer classrooms in elementary schools in Uzbekistan and to implement educational informatization trainings. Upon completion of this project, computer classrooms will be set up in all 9698 elementary schools in Uzbekistan. Facilitated by EDCF supports, the project is expected to bring about not only export effect of informational equipment products for Korean companies but also improvement of quality of elementary education and efficiency of education in Uzbekistan.
After the signing ceremony, Chairman Lee remarked, "The EDCF to be provided upon this agreement will grant a chance for promoting the export of Korea's advanced Information Communication Technology to Uzbekistan and serve as a gateway into the wider Central Asian market for Korean Information Communication Technology players."