Russian Export Center (REC) will provide US$ 141 million for construction of a metallurgical plant in the south of Tashkent, RIA Novosti reported citing the chief of the REC representative office in Uzbekistan Dmitry Prokhorenko.
"We are about to sign a US$ 141 million loan agreement for the Tashkent Metallurgical Plant," Prokhorenko said on the sidelines of the first industrial exhibition Expo-Russia Uzbekistan 2018, which opened in Tashkent Wednesday.
According to him, currently REC is reviewing about 30 various sector projects in Uzbekistan. In October 2017, the general director of REC Petr Fradkov reported that the center plans to support Russian companies through financing of US$ 1 billion worth of projects in Uzbekistan. Apart from the metallurgical plant, it is the construction of Uzbekistan GTL in the Kashkadarya region, modernization of the Syrdarya TPP and Farhad hydro power plant, with the possible participation of PJSC Power Machines.
REC said it has provided US$ 400 million worth of export guarantees for the chemical, transport, mining and metals industries.
The US$ 278 million metallurgical plant project provides for the construction of facilities for the production of 500 thousand tons of cold-rolled sheet products and cold-rolled sheet with coating, with Russian MetProm confirmed as the general contractor for construction. The project is expected to be completed in 2019.
In April 2017, Gazprombank signed an 82 million euros worth of deal with the Uzbek Asaka Bank to finance the construction of the plant.