Tashkent, Uzbekistan (UzDaily.com) -- The Singapore-based Exim Investments Ple LTD will reconstruct the Afrosiyob Palace Hotel in Samarkand.

The Government of Uzbekistan adopted a resolution “On measures to support the attraction of foreign direct investment for the reconstruction of the Afrosiyob Palace”.

The document said that the Samarkand regional Khokimiyats, the State Committee for Investments and Exim Investments Ple LTD agreed to implement the project “Reconstruction of the idle Hotel Afrosiyob Palace” by attracting foreign direct investments.

The Government of Uzbekistan agreed with the proposal to sell the building and construction of the hotel on the residual book value of assets with an adjacent territory of 1.9 hectares to Exim Investments Ple LTD.

At the same time, the Singaporean company will repay debts to the State Budget of Uzbekistan and state trust funds, wages, as well as other creditors with fulfillment of investment and social obligations.

Exim Investments Ple LTD will assume the obligation within two years to invest US$12 million in the project.

The investor must complete the reconstruction of the hotel before 1 November 2019 and create a four-star hotel with 280 rooms.