12:16 / 25.09.2023

South Korea to help Uzbekistan with establishment of national oncology center 

For the implementation of the project "Establishment of the National Oncology Center" by the Korea Foundation, a preferential loan in the amount of 127.5 million Korean won will be allocated to Uzbekistan.

Photo: Kun.uz

The draft of the presidential decision "On measures to implement the project "Establishment of the National Oncology Center" in financial cooperation with the Economic Development and Cooperation Fund of Korea Eximbank" was published.

On June 27, 2019, by the Korean government, the Economic Development and Cooperation Fund (EDCF) of the Exim Bank of Korea provided a total of $127.5 to Uzbekistan for 40 years with a grace period of 10 years at an annual rate of 0.1% for the implementation of the project "Establishment of the National Oncology Center". It was approved to allocate preferential debt in the amount of the Korean won currency unit, which does not exceed the equivalent of US dollars.

On December 31, 2021, a loan agreement regarding the project was signed between the Government of Uzbekistan and EDCF.

The Ministry of Health of Uzbekistan is the executive body responsible for the targeted use of the EDCF loan and the effective implementation of the project. "National Bank of Foreign Economic Activities of the Republic of Uzbekistan" is the financial agent for the settlement of EDCF debt.

Expenses related to the principal debt of the EDCF fund, interest accrued to it, brokerage fee and other payments are covered from the budget of Uzbekistan. Value added tax payable on goods (services) purchased and imported as part of the implementation of the project shall be paid from the state budget in accordance with the established procedure as a contribution of Uzbekistan (unless the legislation provides for an exemption related to this tax).

The Minister of Economy and Finance is authorized to sign an agency agreement on the use and servicing of EDCF debt between the Ministry of Health and Uzmilliybank (financial agent) on behalf of Uzbekistan. Uzmilliybank will be authorized to sign an interbank agreement with an authorized Korean bank to settle EDCF debt.