The loan will be directed at supporting financing of joint investment projects with Korea, which will be realized at Navoi free industrial and economic zone (FIEZ). Navoi FIEZ is one of the priority directions of economic development of Uzbekistan.

The Uzbek bank noted that the signing of the loan agreement creates additional opportunities for financing trade operations between Uzbekistan and Korea.

It added that the NBU is ready to support and develop partnership relations with the Korean Eximbank, both within the successful experience exchange and investment cooperation.

President of Uzbekistan Islam Karimov signed a decree on creation of free industrial and economic zone near Navoi international airport in December 2008. The Navoi FIEZ will function for 30 years and the term can be extended.

During this period, the special customs, currency and tax regimes, simplified entry, stay and exist order, as well as work permit for foreigners will be in force in the zone. Tax preferences will be given to the minimum investment volume for 3 million euros.