Tashkent, Uzbekistan (UzDaily.com) -- Asaka Bank and Uzpromstroyobank signed loan agreements with the State Specialized Russian Export-Import Bank (EXIAR) for 141.56 million euros.

The document was signed on 17 August 2018 during the visit of the Uzbek delegation to Moscow and following the meeting with the leadership of EXIAR.

The funds will be used to finance the project of the Tashkent Metallurgical Plant, aimed at creating a domestic factory for production of high-quality cold-rolled metal products with an annual capacity of 500,000 tonnes.

The main consumers of the plant’s products will be automobile, machine-building, construction, household and other industries of Uzbekistan.

The construction of the plant will ensure the demand of the economy and the domestic market for metallurgical products through the supply of high-quality rolled metal products of domestic production, expansion of the production of import-substituting products with high added value, expansion of attracting foreign investments and creating new jobs in the sector.

It is expected that the plant will produce its first products in December 2019.