BAKU, Azerbaijan, June 8. UK Export Finance (UKEF) is ready to allocate 3–4 billion pounds sterling ($3.8–$5 billion) to support projects in Uzbekistan, a source from the company told Trend.
"UKEF is ready to go the extra mile with a risk appetite of between £3-4 billion to back projects in Uzbekistan that involve sourcing from the UK supply chain. Our suite of buyer finance products offers Uzbek buyers access to guarantees for commercial loans backed by the full faith and credit of the UK government, enabling competitive financing for priority projects," the source from the UKEF said.
According to the source, UKEF’s support helps to strengthen trade and economic cooperation between the UK and Uzbekistan by facilitating access to the UK’s world class supply chain in critical sectors, which will drive a positive impact in Uzbekistan.
"The company is exploring opportunities in Uzbekistan across a range of sectors, including those that support the Uzbek government with its net zero and renewable energy aspirations, as well as clean water, mining, transportation, and healthcare," UKEF's representative noted.
The source from the company emphasized that UKEF sees Uzbekistan as a growing market with untapped business opportunities for UK exporters. In 2021, Uzbekistan was admitted into the UK’s Enhanced Trade Framework, allowing zero-tariff exports to the UK. This, along with UKEF’s efforts to uncover new areas where UK exports can tap into the Uzbek market, highlights the potential for growth and job creation in both countries.
"Uzbekistan has set its sights high in the country's development strategy for 2030, and UKEF is eager to lend a hand to projects that align with our strategic goals and objectives. Renewable energy, clean water, and sustainable infrastructure are all sectors where UK exporters can play a leading role in successfully delivering projects. In addition, the mining sector also plays a pivotal role in Uzbekistan’s economy, with many UK exporters already active in this space," the source added.
Earlier in May, when Ambassador of Uzbekistan Ravshan Usmanov met with Deputy Chairman of UKEF Emma Thomson, the UK side expressed interest in financing large-scale investment projects in Uzbekistan on the construction of roads and railroads, solar and wind power plants, mining, and processing of minerals.