Tashkent, Uzbekistan (UzDaily.com) – On 24 October, a press conference was held on measures to support manufacturers of building materials in the system of Uzpromstroybank.

The event, which took place in the building of the Agency for Information and Mass Communications under the Presidential Administration of the Republic of Uzbekistan, was attended by bank management, senior officials of the relevant structural units, and representatives of the media.

The President of the country adopted a resolution “On additional measures for the accelerated development of the building materials industry” dated 23 May 2019, according to which a number of industry organizations are entrusted with the task of accelerating the development and diversification of the industry, attracting investments in the processing of local mineral resources and increasing the volume export of building materials.

In particular, Uzpromstroybank was instructed to attract and use in 2019-2021 long-term concessional credit lines of international financial institutions and foreign banks in the amount of at least US US$500 million to co-finance projects in the construction materials industry.

In accordance with this, the Bank, together with the Ministry of Economy and Industry, as well as the Uzpromstroymaterialy Association, approved specific schedules that reflect the mechanisms and timing of implementation of industry projects. They set out the initiators and responsible executors of the project, accurate information on attracting and absorbing credit line funds in the context of each project.

Among the population and entrepreneurs, work was carried out to clarify the essence and significance of the resolution, benefits and preferences provided for entrepreneurs, as well as information on foreign credit lines in the bank system was provided.

As a result of the measures taken, 166 promising projects have been identified to date, and an industry schedule has been approved for them (total volume of projects in the amount of US US$500.70 million).

Of these, over the past four months, 30 projects have been accepted for financing, for which foreign credit lines in the amount of US$76.9 million have been allocated.

It should be noted that the Bank currently works closely with international and foreign financial institutions such as the Asian Development Bank, Credit Suisse (Switzerland), Raiffeisen Bank International AG (Austria), Landesbank Baden-Wuerttemberg, Commerzbank, ODDO BHF, KFW Ipex- Bank (Germany), Gazprombank, AK BARS Bank (Russia), Shinhan Bank (South Korea), as well as Eximbanks of China, Turkey and South Korea.

In January-October this year, credit lines worth US$354.8 million were attracted from these financial institutions, which were used to finance projects of both large enterprises and small businesses in all directions.