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Eximbank of Russia Extends €140 Million to Finance Tashkent Metallurgical Plant Construction Project

Eximbank of Russia (a member of Russian Export Center Group) signed €140 million worth facility agreements with Uzbek JSCB Asaka Bank and JSCB Uzpromstroybank for 10 years. The funds will be invested in construction of Tashkent Metallurgical Plant (TMZ, Tashkent, Republic of Uzbekistan). The general contractor for construction is MetProm Group (Russia). Under the scope of Tashkent Metallurgical Plant Construction Project, MetProm Group designs main manufacturing lines and infrastructure facilities, supplies technologies and equipment, personnel training and warranty maintenance of the equipment. The primary goal of the project, which was launched under the Resolution of the President of the Republic of Uzbekistan is to provide the domestic market with high quality metallurgical products.
Roman Smagin, Eximbank of Russia Chairman, says: “Extension of loan facilities to foreign banks is a conventional service for eximbanks across the globe. This financing type is also sought for by Eximbank of Russia’s clients, as it allows them to avoid additional loan debt burden. At the same time, a foreign customer gets a comprehensive solution: the service (in this case, plant construction) and the funds to purchase the same”.
Andrey Slepnev, Russian Export Center CEO says: “Uzbekistan is Russia’s strategic partner, and we find it very important for us to be involved in this project, which has both economic and social significance for our countries. It is important to notice that the project integrates interests of Russian participants, in particular those supplying equipment for the plant. Creation of the business will be pivotal for development of economy in Uzbekistan and the Central Asia as a whole. This is another step on our way to develop Russian-Uzbek partnership”.
Risks under the facility agreement will be covered by the Russian Agency for Export Credit and Investment Insurance, which is also a member of REC Group.