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Uzbekistan to allocate funds for dev't of textile industry

Uzbekistan Materials 6 May 2024 12:12 (UTC +04:00)
Kamol Ismailov
Kamol Ismailov
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TASHKENT, Uzbekistan, May 6. Uzbekistan to allocate $100 million for the development of the textile and knitwear industry, Trend reports.

This is reflected in the decree signed by President of Uzbekistan Shavkat Mirziyoyev on measures aimed at moving the textile and garment knitting industry to a new development level.

According to the decree, the country will also allocate $12 million in credit lines opened in commercial banks.

Textile industrial zone directorates would receive 10-year loans for manufacturing structures and water treatment facilities. Interest will be 4 percent for three years and 5 percent beyond.

The Industrial Development Fund will finance up to $10 million in fabric, knitwear, dyeing and finishing, towel, and curtain projects with equity financing of 15 percent of the equipment cost. Maximum fund share in approved capital is 25 percent.

Uzbekistan produced 19.7 trillion soums ($1.5 billion) in textiles from January through March 2024. This sum rose 11.9 percent year-over-year to 17.6 trillion soums ($1.3 billion in January–March 2023).

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