BAKU, Azerbaijan, Sept. 30
By Fakhri Vakilov – Trend:
Russian financial group VTB and Uzbek Navoi Mining and Metallurgical Complex (MMC) have signed an agreement on cooperation on financing the Navoi MMC, Trend reports with reference to VTB.
The signing of the agreement took place at the Economic Forum of Uzbekistan-2021 currently being held in Tashkent.
The document includes the main conditions for financing the investment program of the Navoi Mining and Metallurgical Complex by VTB Bank. The total amount of the credit line will be $1 billion for a period of five years.
The agreement between VTB and Navoi MMC is the first and largest deal in terms of raising long-term financing for Navoi MMC. Moreover, this is the largest one-time attraction of borrowed funds for business development among all state-controlled enterprises in Uzbekistan.
The deal became possible due to the large-scale transformation of Navoi MMC since 2018. The transformation of the company is expected to be completed by the end of 2021.
Navoi MMC is the largest mining enterprise in Uzbekistan; the plant specializes in the extraction and processing of gold. The production volume is about 80 tons of gold per year.
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