BAKU, Azerbaijan, Feb.3
By Natavan Rzayeva - Trend:
International Finance Corporation (IFC) signed an agreement to assist the government of Uzbekistan in privatizing Ferganaazot JSC, Trend reports via the IFC's statement.
Under the agreement between IFC and the Uzbek State Assets Management Agency (SAMA), IFC will act as a strategic advisor for the privatization of Ferganaazot JSC one of the leading players in the country’s chemicals and fertilizers sector.
Deloitte TCF LLP international consulting company is acting as a lead advisor for this transaction.
In accordance with a presidential decree last February, SAMA is aiming to sell 99-percent state stake in the company in a competitive sale process. The goal is to attract an experienced strategic investor to develop the business and bring in industry best practices and new technology.
“To improve the competitiveness of the chemicals sector of Uzbekistan, it is critical to attract capable strategic private investors, and this privatization is one of the most important steps the Uzbek government is taking in this direction,” said Director of Uzbekistan’s State Assets Management Agency, Akmalkhon Ortikov.
While Uzbekistan’s chemicals and fertilizers sector has huge potential for growth, turning it into a modern industry that can support the country’s needs and develop its export potential will require reforms and private sector investment.
“The chemicals sector is a key sector in which Uzbekistan has unique resource advantages. With progressive reforms and investments in skills and technology, the chemicals industry can play a catalytic role in the economic development of Uzbekistan,” said IFC Director for Turkey and Central Asia, Wiebke Schloemer.
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