URDF to finance seven investment projects in 2009

Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan Reconstruction and Development Fund (URDF) will finance several investment projects worth US$874.7 million in 2009.

The State Investments Programme of Uzbekistan for 2009 approved seven targeted projects, which will be implemented in 2009 and financed due to resources of the Uzbekistan Reconstruction and Development Fund. The fund will finance projects in such areas as energy, oil and gas, chemistry sectors, machinery, and also transportation infrastructure.

About US$562.2 million will be directed to finance the projects. The URDF directed US$172.5 million and US$242.5 million will be own funds of companies and enterprises, as well as US$147.2 million will be credits of local and foreign banks.

Among projects is a project of Uzbekneftegaz on increase of liquefied gas production at Mubarek gas processing plant. The cost of the project is US$221.6 million. The project on construction of Akhangaran-Pungan pipeline in north-east Uzbekistan will be also implemented by Uzbekneftegaz, The project cost is US$493 million.

In electricity power sector, Uzbekenergo will realize a project on construction of 500 kilowatt high-voltage line Guzar-Surkhan in the south of Uzbekistan. The cost of the project is US$128.4 million.

The URDF will finance a project on production of transmissions at the Tashkent Tractor Plant with the cost of US$23.5 million. The second and third phases of modernization of Navoi International airport with the cost of US$63.1 million were also included.

Uzbekistan Reconstruction and Development Fund was founded with the decree of the Uzbek President Islam Karimov on 11 May 2006. The Fund accumulates financial means of the government, economic entities, commercial banks, foreign funds and investors and other interested structure.

The fund finances important projects, which have great impact in realization of priority tasks in development of economy, structural reforms and modernization of production. The fund also credit programmes on modernization and technical re-equipment of strategic important enterprises, first of all basic sectors of economy.

The fund will ensure financing modernization and re-equipment of enterprises in fuel-energy complex, chemical industry, machinery and nonferrous metallurgy.

The fund finances realization of national socially significant state programmes and projects on formation of production and non-production infrastructure in perspective, but undeveloped regions.

Financing of modernization and development of transport and telecommunication networks are be also among priorities of the fund. The fund organizes joint financing of the projects with international financial institutions, credit establishments in Uzbekistan and foreign countries.