BAKU, Azerbaijan, September 11. Uzbekistan’s Technological Metals Complex (TMK) and the Eurasian Development Bank (EDB) are exploring financing mechanisms for projects to develop critical minerals and rare earth elements.
This was reflected in the statement by the TMK, following a working meeting between representatives of TMC and EDB at the company’s headquarters to discuss the development of cooperation in the critical minerals sector.
The meeting followed a memorandum of cooperation signed between TMK and EDB in June covering financing for projects related to the extraction and processing of critical minerals and rare earth elements.
The sides reviewed practical steps for implementing the areas outlined in the memorandum, including opportunities for financial support for prospective projects and the next stages of cooperation.
Particular attention was given to potential technical assistance mechanisms, support for investment activities and financial instruments that could be used to finance projects in the sector.
“Developing practical financing mechanisms is an important step toward advancing projects in the extraction and processing of critical minerals and rare earth elements,” TMK said.
The parties also discussed approaches to structuring financial support and technical assistance based on the needs of individual projects, according to the company.
The cooperation comes as Uzbekistan seeks to develop its critical mineral resources, expand processing capacity and attract financing for projects that can increase the value generated from the country’s mineral resources.
Critical minerals and rare earth elements are increasingly important for industries including renewable energy, electronics, advanced manufacturing and other high-technology sectors, making access to financing and modern processing capabilities an important component of resource development.
Following the meeting, TMK and EDB agreed to continue working on the practical development of promising areas of cooperation and to advance discussions on potential projects and financing mechanisms.
