The bank said the finance resources will be used to finance investment projects, which will be realized in cooperation with the Korean companies in Navoi free industrial and economic zone (FIEZ).

As earlier reported, Korean Eximbank also allocated US$50 million to National Bank of Uzbekistan for Foreign Economic Activity to finance projects in Navoi FIEZ in interaction with the Korean business circles.

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.