Turk Eximbank allocates loan to Uzbek-Turkish UTBANK

Business Materials 12 April 2017 16:37 (UTC +04:00)

Tashkent, Uzbekistan, Apr. 12

By Demir Azizov– Trend:

The Export Credit Bank of Turkey (Turk Eximbank) allocated a loan worth $90 million to the joint Uzbek-Turkish UTBANK, the bank’s management told Trend Apr. 12.

The funds of the loan will be used to finance investment projects related to the import of equipment, materials, samples of new products, other tangible assets and technologies produced in Turkey and intended for the expansion of production and improve of the quality of goods for export.

The UTBANK said in a message that the loan will be refinanced through the co-founder of the bank - Turkish T.C. Ziraat Bankasi A.S. The terms of the loan are not disclosed.

UTBANK was established in 1993, and it is the first bank of Uzbekistan created with the involvement of foreign capital.