Tashkent, Uzbekistan (UzDaily.com) – A meeting was held between representatives of Uzbekneftegaz and the Islamic Development Bank.

Representatives of Uzbekneftegaz provided information on the general activities of the company, ongoing transformation processes and investment projects.

The financial report of Uzbekneftegaz, prepared on the basis of international financial reporting standards, was given a positive audit opinion, the Company for the first time in its history received a “BB-” rating with a “stable” outlook from Fitch Ratings, and information was provided on the successful placement Eurobonds in the amount of US$700 million for a period of seven years in the RegS/144A format on the London Stock Exchange.

In turn, representatives of the international bank offered their services in trade finance, financing based on public-commercial partnerships and project financing of agencies that are part of the Islamic Development Bank and its group of financial institutions.

The bank has many years of experience in the Republic of Uzbekistan and has a financing portfolio of up to US$500 million on the basis of public-private partnership, and also noted its experience in issuing Sharia sukuk bonds.

Uzbekneftegaz presented information on the Company’s strategy in the direction of sustainable development (ESG) and discussed projects planned for implementation.

In particular, it was proposed to consider financing energy saving projects in production associations and enterprises of Uzbekneftegaz.

At the end of the negotiations, representatives of Uzbekneftegaz JSC noted that they were interested in developing cooperation with the Islamic Development Bank and expanding relations to finance joint projects.