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.
