BAKU, Azerbaijan, May 15. The European Bank for Reconstruction and Development (EBRD) has provided a $5 million senior working capital loan to Uzbekistan's producer of fertilizers, Trend reports via the bank.
The loan is going to support Indorama Kokand Fertilizers and Chemicals company in the production of single and ammoniated superphosphate, as well as in its planned expansion program into new fertilizer products including potassium based fertilizers.
As the EBRD noted, the will bring FDI inflows in Uzbekistan and, in the chemicals sector in particular, where FDI has been limited.
"The project will contribute to increased employability of students studying in the relevant industry via internships, as well as capacity building to the Borrower's end consumers in terms of knowledge transfer," the bank noted.
Indorama Kokand Fertilizers and Chemicals is a leading manufacturer of phosphate fertilizers in Uzbekistan. The Company was privatized in June 2019 through the sale of state shares to Indorama Corporation Pte. Ltd. In 2020, the EBRD provided $12.5 million capital expenditure and $10 million working capital loans to support the modernization of the plant.
In general, the bank has invested more than 4.1 billion euros in 129 projects in Uzbekistan.
