Tashkent, Uzbekistan (UzDaily.com) — President of Uzbekistan Shavkat Mirziyoyev has signed a resolution “On measures for the implementation of the project ‘purchase of 6 high-speed electric trains’ with the participation of the Korea Eximbank."

The total cost of the project is €220.03 million. Under the agreement, Uzbekistan will contribute €21.3 million, Uzbekistan Temir Yullari will contribute €13.5 million, and the Export-Import Bank of Korea will provide a loan in Korean won amounting to the equivalent of €185.18 million, with a 40-year term, including a 10-year grace period, at an annual interest rate of 0.05%.

The project's implementation period will be 6 years (from 2024 to 2030). The new trains are expected to transport 1.31 million passengers annually. The project's payback period is estimated at 25.1 years.

According to the resolution, Uzbekistan Temir Yullari JSC and its subsidiary Temiryulexpress JSC have been designated as the executive bodies responsible for the timely and quality execution of the project, as well as for the targeted and efficient use of funds provided by the Korea Eximbank.

Uzmilliybank (National Bank of Uzbekistan) will act as the financial agent, managing the loan payments provided by the Korea Eximbank. The repayment of loans and related expenses, including interest and other payments, will be covered by the funds of Temiryulexpress JSC.

The Minister of Economy and Finance of Uzbekistan has been authorized to sign the re-lending agreement on behalf of the Government. Uzmilliybank has been authorized to sign an interbank agreement with the Bank of the Republic of Korea to facilitate the loan payments.

The contract for the supply and maintenance of the electric trains was signed between Uzbekistan Temir Yullari, "Temiryulexpress" JSC, and the South Korean company Hyundai Rotem during the visit of the President of the Republic of Korea to Uzbekistan in June 2024.

Under the terms of the US$195.7 million contract, Hyundai Rotem will supply Uzbekistan with six high-speed electric trains consisting of 42 carriages.

These trains will be named "Jaloliddin Manguberdi" and will operate on the Tashkent – Urgench – Khiva route.

The South Korean company will also provide maintenance and repair services for the trains.