KIND

KIND Signs Shareholders' Agreement for Tashkent New International Airport Project in Uzbekistan

The Korea Overseas Infrastructure & Urban Development Corporation (KIND), headed by President and CEO Bok-hwan Kim, announced that it has signed a Shareholders’ Agreement (SHA) to support the successful implementation of the Tashkent New International Airport Construction and Operation Project, a public-private partnership (PPP) undertaken by the government of Uzbekistan with a total project cost of approximately USD 4.7 billion (USD 2.9 billion for Phase 1).

The SHA is a key step toward securing stable financing and ensuring the timely start of construction. It sets out the investment obligations of the project sponsors and provisions concerning project implementation by the project company to be established.

The project gained momentum following the successful signing of the concession agreement on July 29, 2026, which laid the foundation for project implementation. Under the agreement, the project sponsors secured a 35-year concession from Uzbekistan Airports, the contracting authority.

KIND and Incheon International Airport Corporation (IIAC) established a joint venture, Korea Tashkent Airport Corp., under the “Team Korea” partnership, completing the framework for fulfilling their equity investment obligations under the SHA.

Subsequent steps toward timely financial close and the start of construction are also progressing rapidly.

Based on the SHA signed by Team Korea and its global consortium partners, the project sponsors plan to finalize a project financing (PF) agreement with a consortium of lenders, including the Export-Import Bank of Korea (KEXIM) and multilateral development banks, in early 2027. Full-scale construction will begin thereafter, with the new airport scheduled to open in early 2031.

Through this project, the government of Uzbekistan aims to overcome growing passenger demand and capacity constraints at the existing Tashkent airport by developing and operating Central Asia’s largest new airport, with the capacity to accommodate up to 54 million passengers annually.

KIND and IIAC are participating as Korean equity investors in the global consortium. IIAC is expected to lead Korean companies’ efforts to secure overseas contracts for airport operations consulting and operations and maintenance (O&M) services, while the Export-Import Bank of Korea will also contribute as a competitive PF lender.

“Following the signing of the concession and EPC contracts in July, major milestones have progressed smoothly, including the establishment of a domestic joint venture with IIAC for this investment and the signing of the project company’s SHA,” said Bok-hwan Kim, President and CEO of KIND. “Through the conclusion of PF agreements and the prompt start of construction, we will demonstrate Korea’s policy financing capabilities and competitiveness in airport operations in the Central Asian market.”

[Reference] Status and Timeline of the Tashkent New International Airport PPP Project in Uzbekistan

• Project Name: Tashkent New International Airport Development and Operation Project (PPP)

   

• Total Project Cost: Approximately USD 4.7 billion (USD 2.9 billion for Phase 1)

   

• Project Duration: 35 years (4 years of construction and 31 years of operation)

   

• Key Milestones:
  
  (July 29, 2026) Signing of the concession agreement and EPC contract
  
  (August 20, 2026:) Establishment of the joint venture Korea Tashkent Airport Corp. (KIND–IIAC)
  
  (October 28, 2026) Signing of the Shareholders’ Agreement (SHA) following the establishment of the project company
  * Agreement among the principal shareholders: Vision Invest, Sojitz, IIAC, KIND, and Uzbekistan Airports
  
  (Q1 2027) Financial close
  
  (Q1 2027) Start of construction
  
  (January, 2031) Completion of the new airport and commencement of commercial operations