Uzbek bank finances creation of processing plant

Business Materials 22 February 2018 19:23 (UTC +04:00)

Baku, Azerbaijan, Feb.22

By Nigar Guliyeva- Trend:

The Joint-Stock Commercial Bank "Uzpromstroybank" will provide preferential credit for establishment of KOMTEKS PPOSH in Kagansky district (Bukhara region) for processing sheep's wool, Uzbek media reported.

The bank will provide a loan of 12 billion soums for this project through the credit line of the Chinese state development bank.

The enterprise will purchase sheep's wool from the population, process it and produce yarn and blankets. Part of the products will be exported. The project will be implemented in three phases.

Within the framework of the project, of 1,500 tons of sheep wool, 1,500 tons of pure raw materials, more than 400 tons of ready-made yarn, 100,000 pieces of soft blankets, 1,000 tons of wool fibers will be exported.

Uzpromstroybank was established in 1922. The bank’s assets increased by 2.5 times up to 25.5 trillion soums in January-November 2017. The bank’s loan portfolio increased by 2.4 times up to 20 trillion soums, of which more than 80 percent accounted for the financing of investment projects.

(8,182.73 UZS = $1 on Feb.22)