Uzbekistan and South Korea sign agreements for US$350m

The documents were signed within the results of negotiations between President of Uzbekistan Islam Karimov and President of the Republic of Korea Park Geun-hye.

In particular, the sides signed a framework agreement between the Government of Uzbekistan and the Government of South Korea in relation of loans of the Fund for Economic Cooperation and Development for 2014-2017. Within the agreement, the Korean Fund will allocate US$250 million funds to Uzbekistan.

National Bank of Uzbekistan for Foreign Economic Activity and Export-Import Bank of the Republic of Korea signed a loan agreement at the size of US$100 million to finance joint projects.

The sides also signed a joint declaration on further developing and deepening strategic partnership, agreement on no-string aid to education sector and memorandum of understanding on bilateral investment cooperation.