The Uzbek Government will sign an agreement with Korea International Cooperation Agency (KOICA) next month to initiate a feasibility study on the construction of a new passenger terminal at Tashkent International Airport.

A KOICA team conducted preliminary studies for the feasibility study of the project last week, AzerNews reported.

Once the agreement is signed, the authorities will select the companies to execute the $4m study in early 2016

The two countries had signed the memorandum of understanding for the study during Uzbekistan President Islam Karimov’s official visit to Seoul in May. The agencies had agreed to promote 11 grant programmes for three years between 2015 and2017.

The KOICA representative office said: "At the request of the Uzbek Government, for the speedy implementation of the project, the Korean side will comprehensively prepare for its implementation, develop a feasibility study, which differs from the earlier developed ones, approve the necessary funding for the project and develop a master plan."

Currently, Tashkent International Airport has three passenger terminals with the international terminal 2 having a capacity to handle 1,300 passengers an hour.

Opened in 2011, terminal 3 has the capacity to handle 400 passengers from local flights every hour, while terminal 1 is primarily used for state visits and VIP services.

According to previous media reports, Uzbekistan Airways plans to construct the fourth terminal by 2019, to have a a capacity to handle 1,500 passengers an hour.

The project will have an estimated cost of $300m, and is expected to be financed with the air carrier’s own funds, as well as loans from local and foreign financial institutions.