Tashkent, Uzbekistan (UzDaily.com) -- On 18 February 2019, Asaka Bank signed a syndicated loan agreement with the participation of the Swiss branch of Commerzbank AG (Germany) and the Swiss bank ZürcherKantonalbank in Zurich, Switzerland.

This syndicated loan is the first - a “pilot” project for Swiss banks and Asaka Bank. The amount of the Agreement is 37.4 million euros with a maturity of 10 years under the insurance coverage of the Swiss export credit agency “SERV” to finance the textile project of Ko’kchatekstil LLC.

The project envisages modernization of the current spinning production and the organization of the release of dyed fabric based on cotton. The supplier of technological equipment is the Swiss company "RieterMachineWorks" Ltd.

This project will create more than a thousand additional jobs, to establish the production of cotton fiber fabrics, dyeing, production of printed fabric, further to establish sewing of finished products. The annual capacity of the enterprise will be 20.0 thousand tons of cotton yarn and 4.8 million meters of printed fabric. Finished products produced at this enterprise will be mainly exported to the near and far abroad.

Asaka Bank is ready to finance investment projects in the regions of Uzbekistan with the involvement of foreign financial institutions.