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.

Gross domestic product (GDP) grew by 2.3 percent year-on-year in January-November, down from 2.4 percent in the first ten months of this year.