The signing of the agreement was preceded by long negotiations with the South Korean company Hanshin Engineering & Construction Co., Ltd, which were conducted by the Kokand City Hall for over a year.
The memorandum signed by the Mayor of Kokand Maruf Usmanov and the general director of Hanshin Engineering & Construction Co., Ltd, Mr. Kew, provides for the allocation of 49 hectares of land to the Korean side, communications, power lines, water and gas to the construction site. The Korean side undertakes to make foreign direct investment in the amount of $ 60 million, the construction of a modern complex of multi-storey buildings.
Such social facilities as schools, kindergartens and consumer services on the Farobiy district will be built at the expense of budget funds.
The project will be implemented within 5 years, from 2021 to 2026. Investors undertook to provide the construction project within two months.