28 September 2020

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4 Apr  2019 1355

Funds obtained from bond sale will support commercial banks and industry

The President Decree On the effective use of funds received from the placement of the first sovereign international bonds of the Republic of Uzbekistan has been released yesterday.

It states that in order to improve the welfare of the country and people, to finance strategically important projects, funds with the condition of receiving the respective interest will be sent to support Uzbekistan commercial banks and one of the biggest industry company.

Thus, $ 889.2 million will be placed through an auction on deposit accounts of commercial banks, $ 20 million will be issued as debt of “Agrobank”  and $ 89.9 million will be issued as a loan to the state enterprise Navoi Mining and Metallurgical Combine.

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