In a bid to advance healthcare infrastructure in Uzbekistan, South Korea has pledged to extend a preferential loan of $127.5mn for the establishment of a National Cancer Center in Tashkent. This financial commitment is detailed in a draft resolution released by the Uzbekistan government, which is currently open for public discussion on the regulation.gov.uz website.
The draft document outlines that Uzbekistan will receive this favorable loan through the Economic Development and Cooperation Fund of the Exim Bank of Korea (EDCF Fund). The loan is set to have a lengthy repayment period of 40 years, including a generous grace period of 10 years. Remarkably, the loan carries an exceptionally low annual interest rate of just 0.1%. The total loan amount of $127.5mn has been earmarked for the execution of the "Creation of a National Cancer Center" project, pending approval from the government of the Republic of Korea.
The initial debt agreement for this pivotal project was officially inked on December 31, 2021, between the government of Uzbekistan and the EDCF Fund. The Ministry of Health has been designated as the executing body responsible for the prudent and targeted utilization of the EDCF fund debt, ensuring the effective realization of the National Cancer Center project.
Notably, all expenses related to the repayment of the principal debt incurred through the EDCF fund, the associated interest payments, intermediary fees, and other financial obligations will be funded from the budget of the Republic of Uzbekistan.
The discussion period for this transformative healthcare project will persist until October 6, providing an opportunity for stakeholders and the public to engage in the decision-making process and offer insights into this significant healthcare endeavor.
Earlier Daryo reported from September 10 to 12, a delegation headed by Uzbekistan's Minister of Foreign Affairs Bakhtiyor Saidov undertook a three-day official trip to the Republic of Korea. The visit's primary objective was to further strengthen the already strong strategic partnership between the two countries, with a specific emphasis on bolstering economic collaboration and solidifying connections across different government sectors.