IDB issues loan to Uzbekistan to purchase Boeing planes
08/07/2013 10:54
IDB issues loan to Uzbekistan to purchase Boeing planes
08/07/2013 10:54
Tashkent, Uzbekistan (UzDaily.com) -- Islamic Development Bank (IDB) issued a loan for US$170 million to finance purchase of two airplanes Boeing-767-300ER within implementation of an investment project “Update and unification of airplanes fleet of Uzbekistan Havo Yollari”.
The Government of Uzbekistan issues a resolution “On measures on financing purchase of two Boeing-767-300ER airplanes due to resources of the Islamic Development Bank within implementation of an investment project “Update and unification of airplanes fleet of Uzbekistan Havo Yollari”.
The document was adopted for further update of fleet of Uzbekistan Havo Yollari with Boeing-767-300ER airplanes.
The resolution said that the Council of Executive Directors of the IDB approved financing of purchase of third and fourth Boeing-767-300ER airplanes within the implementation of investment project “Update and unification of airplanes fleet of Uzbekistan Havo Yollari” for US$170 million. The loan issued for 12 years on terms of “Sales (purchase) and return leasing”.
Boeing delivered the third Boeing-767-300ER airplane in May 2013 and the fourth aircraft in July 2013 within the project.
The Government also approved scheme on financing of the project. According to the document, the Government of Uzbekistan, National Bank of Uzbekistan for Foreign Economic Activity, Uzbekistan Havo Yollari and IDB will sign a corresponding agreement on financing of purchase of two Boeing-767-300ER airplanes in 2013.
Based on agreement, Uzbekistan Havo Yollari will hand over rights to airplanes to the IDB on the cost of the purchase.
IDB will issue financial resources to Uzbekistan Havo Yollari to purchase the cost of each airplane and the airline will pay money to the Boeing.
Boeing will return advanced payments for US$60.63 million to Uzbekistan Havo Yollari, including resources of Fund for Reconstruction and Development of Uzbekistan – US$50.38 million and own resources of Uzbekistan Havo Yollari – US$10.25 million.
In its turn, Uzbekistan Havo Yollari will return funds for US$50.38 million to Fund for Reconstruction and Development of Uzbekistan, which was used to pay advance payments to Boeing.
The IBD will hand over airplanes to NBU on leasing for 12 years and NBU will transfer airplanes to for Uzbekistan Havo Yollari on sub-leasing agreement.
Uzbekistan Havo Yollari and IDB will sign agreement on hand over right on insurance, which envisages to transfer rights to receive insurance compensation for two airplanes from Uzbekistan Havo Yollari to the IDB.
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