Uzbek Agrobank attracts more foreign credit lines from year to year

Finance Materials 9 December 2020 16:22 (UTC +04:00)
Uzbek Agrobank attracts more foreign credit lines from year to year

BAKU, Azerbaijan, Dec. 9

By Klavdiya Romakayeva - Trend:

The volume of funds attracted by Agrobank from January through November amounted to $212.3 million, Trend reports with reference to Agrobank.

Over 160 investment projects were financed through them, including $59.2 million from the Swiss bank Credit Suisse, $40 million from the Chinese Development Bank, $36.1 million from the Russian Promsvyazbank and Sovcombank, $20 million from the Turkish Ziraat bank, and the German Landesbank Baden-Wuerttemberg - $19.9 million.

In addition, Agrobank allocated investment loans in the amount of 5.5 trillion soums ($527 million) in 2020 for the implementation of promising projects of business entities in the regions of Uzbekistan.

Some 25 percent of the funds were directed to industry, 22.1 percent to agriculture, 24.8 percent to social security, and strengthening the material and technical base of economic sectors and other areas.

The bank also allocated funds for a variety of investment projects, including a $5.7 million loan for Emery Pharma LLC for the production of 180 million syringes and 57 million infusion pharmaceuticals for $3.2 million per year. The enterprise, which will start working in 2021, will create 65 new jobs and 30 percent of products will be exported to the CIS countries.

Gurlan Export LLC in Khorezm has been allocated a loan of $10.2 million for the production of agricultural products. The enterprise annually produces 3,200 tons of products worth $14.5 million. Some 100 new jobs will be created with the implementation of this project, and 70 percent of products will be exported.

Agrobank also plans to further expand cooperation with international financial institutions and banks and attract credit lines. In particular, the bank has established mutually beneficial cooperation with 26 international financial institutions and foreign banks. Among them are German Commerzbank, UniCredit, DZ Bank, Landesbank, Austrian Raiffeisenbank, and South Korean KEB Hana Bank.

Recently, the bank signed a contract with the International Islamic Finance Corporation to raise $10 million in credit lines.


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