The loan agreements between the Eximbank and Uzbekistan's Ministry of Investment and Foreign Trade were signed in Seoul ahead of President Shavkat Mirziyoyev’s visit to South Korea.

Funds comprise a low-interest concessional loan of $250 million, repayable over 30 years, and a non-concessional loan of $150 million at market interest rates, repayable over 12 years.

Under the project, the railway track linking Uzbekistan’s two ancient cities, Bukhara and Khiva, UNESCO world heritage sites, through Miskin and Urgench will be electrified.

The 6 percent GDP growth is expected to be driven by an increase in industrial production by 7 percent, services by 6.5 percent, construction by 8.1 percent, agriculture by 3.3 percent.