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Bishkek (AKIpress) - The Uzbek-Korean intergovernmental framework agreement on the allocation of $ 250 million by the Economic Development Cooperation Fund (EDCF) to finance the investment projects in Uzbekistan was signed during South Korean President Park Geun-Hye's visit to the republic on June 17, reports cihan.com.
The document specifies the procedure for obtaining EDCF loans, issued within 2014 - 2017 to finance the projects in education, health, information and communication technologies, the development of energy efficient technologies, using alternative energy sources and other areas agreed between the parties on the basis of Uzbekistan's economic priorities.
Moreover, an intergovernmental framework agreement on grant aid was signed. Its purpose is to establish the general terms and conditions for the development of cooperation between the parties through the Korea International Cooperation Agency (KOICA).
At present, four investment projects totaling nearly $ 115 million were implemented in telecommunication, education and health areas within the financial and technical assistance of South Korea's government, drawing EDCF long-term soft loans.
The total amount of grant aid to Uzbekistan through KOICA in 1995-2013 exceeded $ 55 million. These funds were spent for the implementation of projects in such areas as health, education, information technologies, utilities, agriculture, water management, and energy.
South Korea is one of the largest investment partners of Uzbekistan. The total volume of Korean investments drawn into the economy of Uzbekistan since 1991 exceeded $6 billion.