BAKU, Azerbaijan, Nov. 4
By Fakhri Vakilov-Trend:
The Russian Export Center (REC) is financing expansion of the capacities of Uzbekistan’s Metallurgical Plant through the construction of a casting and rolling complex in the city of Bekabad, a representative of REC told Trend in an interview.
The project provides for the construction of the complex with a capacity to produce up to one million tons of hot rolled sheets per year, and 50 percent of the products are to be supplied to the Tashkent Metallurgical Plant.
“The total project budget is 533 million euros, of which 426 million euros are borrowed, and the Russian part is about 270 million euros. The general contractor and exporter is the Russian Renaissance Construction company,” said the representative.
The project is planned to be implemented according to the interbank loan scheme between the Russian side and Uzbek National Bank, without the state guarantee of Uzbekistan.
The REC’s official also noted a joint project with VEB.RF which includes the construction, jointly with JSC Uzbekhydroenergo, of three small hydroelectric power stations with a total value of 52 million euros.
Within the project, VEB. RF will provide 15.8 million euros for the construction of a micro hydroelectric station at the picket of the Dargom canal and 17.4 million euro for the Bagishamal hydroelectric station. In turn, REC will provide 19 million euros for the construction of micro-hydroelectric power stations at the Sardoba reservoir.
The official added that REC’s representative office was recently opened in Tashkent to help companies cope with administrative barriers and find new partners and markets.
Russian Export Center JSC is a state-owned non-resource export support institution that provides Russian exporters with a wide range of financial and non-financial support measures. The Russian export center is part of the VEB.RF group.
VEB.RF operates on the basis of the federal law “On the State Corporation for the Development of VEB. RF”. Its main task is to contribute to the long-term economic development of Russia. In partnership with commercial banks, VEB.RF is financing large-scale projects aimed at developing infrastructure, industry, the social sphere, strengthening technological capabilities and improving the quality of life of people.
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