BAKU, Azerbaijan, Dec. 30
By Klavdiya Romakayeva - Trend:
Uzbek Hamkorbank in a joint transaction with the European Bank for Reconstruction and Development (EBRD) will provide a loan of up to €2.92 million to Midas Plastics packaging manufacturer based in Samarkand, in Uzbekistan, Trend reports referring to the EBRD press service.
At the same time 60 percent of the risk on the loan will be shared by the EBRD under a Risk Sharing Facility signed between the financial institutions.
According to the information, the loan is supported by the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) program designed to transfer technology in the area of climate change mitigation and adaptation and financed by the Global Environment Facility Trust Fund.
“A grant of $204,000 will finance the introduction of sustainable packaging technologies, which will help extend the shelf life of dairy products and reduce the amount of commercial waste,” the message said.
In addition, Midas Plastics will be able to produce lighter plastic packaging of at least 25 percent of which will consist of recycled plastic.
To date, the EBRD has invested €1.92 billion through 85 projects in the economy of Uzbekistan.
Hamkorbank JSCB with foreign capital has been operating at the market of banking services in Uzbekistan since 1991. Initially, having commenced its operations in Andijan city, over 27 years the bank has developed the expanded branch network, covering all administrative regions of Uzbekistan. At present the bank has 209 service outlets - 42 branches and 168 mini-banks. The bank also organized the activities of six subsidiary companies.
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