AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
The Financing Protocol between the Korea Eximbank and Government of the Republic of Uzbekistan has a combined value of USD 350 million and will finance the New Passenger Terminal for Tashkent International Airport Project. The USD 350 million comprises of a Korea Eximbank export credit totalling USD 50 million and an EDCF loan totalling USD 200 million alongside the Uzbekistan Fund for Reconstruction and Development providing USD 100 million.
Based on the Financing Protocol, the Korea Eximbank and the government of Uzbekistan will decide the financing and procurement plan for this project including awarding a Korean company the EPC contract (Engineering, Procurement, and Construction contract).
In this context, the Korea eximbank Chairman expressed a hope that: "The Korean companies will successfully implement the project contract amounting to USD 350 million with Korea Eximbank's support." He further added that ”We look forward to Korean companies' expansion into the Central Asian markets in the airport sector."
The Economic Development Cooperation Fund
The EDCF provides low-interest and long-term credit to developing countries for projects seeking to promote industrialisation and economic stability. In some cases, Korean companies are involved in such projects directly or through exports. More information on the Fund can be found on the official website or the "Guide to the Import-Export Bank of Korea" publication.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.
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