Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan Airports is preparing to issue its first Eurobonds. At a press conference on March 20, the state company’s chairman, Javlonbek Umarhodjayev, announced that the president had instructed Uzbekistan Airports to issue US$100 million in Eurobonds by the end of the year.

To facilitate this process, the company’s deputy head of transformation visited Europe last week. In March, Uzbekistan Airports signed a contract with a ratings agency, and its first credit rating is expected by mid-May. Following this, the rating must be confirmed by another agency. According to the company’s optimistic projections, the Eurobonds could be raised by November.

The proceeds will be used to renovate airports, including the construction of a new cargo terminal at Tashkent International Airport.

Previously, on 16 January, President Shavkat Mirziyoyev instructed authorities to secure US$400 million for the development of the transportation sector, with US$100 million allocated for Uzbekistan Airways. The national carrier plans to sign a financing agreement with Deutsche Bank in the coming months.