Uzbek, Swiss banks sign loan agreement
Baku, Azerbaijan, February 21
By Fakhri Vakilov - Trend:
The Uzbek bank Asaka signed a syndicated loan agreement with the Swiss branch of Commerzbank AG (Germany) and the Swiss bank Zürcher Kantonalbank, on February 18, 2019 in Zurich, Switzerland, Trend reports via Uzbek media.
This syndicated loan is the first joint project for Swiss banks and Asaka Bank. The amount of the Agreement is 37.4 million euros with a maturity of 10 years under the insurance coverage of the Swiss export credit agency SERV for financing the textile project Ko-kchatekstil LLC.
The project provides for the modernization of current spinning production and the organization of the release of dyed fabric based on cotton. The supplier of technological equipment is the Swiss company "Rieter Machine Works" Ltd.
This project will create more than a thousand additional jobs; will establish the production of cotton fiber fabrics, dyeing and manufacture of printed fabric and will establish sewing of finished products subsequently.
The annual capacity of the enterprise will be 20,000 tons of cotton yarn and 4.8 million linear meters of printed fabric. Finished products manufactured at this enterprise will be exported to the near and far abroad.
Asaka Bank is ready to finance investment projects in Uzbek regions with the involvement of foreign financial institutions.
Swiss Export Risk Insurance SERV insures political and economic risks involved in exporting goods and services. The company insurance and guarantees protect Swiss exporters from default and facilitate export financing. SERV’s solutions also help companies obtain low-interest loans or higher credit limits in order to conserve cash when exporting goods and services.
Rieter Machine Works is the world’s leading supplier of systems for short-staple fiber spinning. Based in Winterthur (Switzerland), the company develops and manufactures machinery, systems and components used to convert natural and man-made fibers and their blends into yarns.
Zürcher Kantonalbank was established in 1870. With total assets of 164 billion CHF and more than 5,000 employees, the bank is the biggest cantonal bank in Switzerland and one of the biggest Swiss banks.
Commerzbank is a leading international commercial bank in Germany. For Private and Small Business Customers as well as Corporate Clients, the Bank offers a comprehensive portfolio of financial services. It has one of the densest branch networks among German private banks and leads in financing for corporate clients in Germany.
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