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Preliminary cost of building pharmaceutical cluster in Tashkent revealed

Uzbekistan Materials 16 January 2021 15:42
Preliminary cost of building pharmaceutical cluster in Tashkent revealed

BAKU, Azerbaijan, Jan. 16

By Klavdiya Romakayeva - Trend:

The construction cost of the Tashkent Pharma Park pharmaceutical cluster in Tashkent city of Uzbekistan according to preliminary estimates will amount to $98.6 million, Trend reports referring to the project discussion portal regulatory legal acts in Uzbekistan.

The Ministry of Health of Uzbekistan has put forward for discussion a draft presidential decree aimed at measures related to the agreement on concessional lending by Eximbank from South Korea and measures to repay this loan.

It is reported that the loan will be used to finance the project in the implementation of the first phase of the creation of research and training units of the innovative research and production pharmaceutical cluster Tashkent Pharma Park.

Under a preliminary agreement, the South Korean government will send a ten-year grant to Uzbekistan for the first phase of the Tashkent Pharma Park project.

The total cost of the project, according to preliminary estimates, amounts to $98.6 million. At the moment, the feasibility study of the project has been developed and studied in the prescribed manner by the competent authorities.

Sources of project financing are:

- loans from Eximbank to the government of Uzbekistan with maturity of 40 years, with a grace period of 10 years and an annual interest rate of 0.15 percent - $83.7 million.

- allocation of 15 percent of the total project cost from the budget of Uzbekistan amounting to $14.9 million.

It is expected that Aloqabank Joint Stock Commercial Bank will be authorized to sign an interbank agreement with the Bank of South Korea to repay the debt of the EDCF.

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Follow the author on Twitter: @romakayeva

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