Tashkent, Uzbekistan (UzDaily.com) -- Gazprombank JSC, Gazprombank Ltd. and Bank GPB International S.A. concluded a loan insurance agreement with EXIAR JSC in order to implement the project of Uztransgaz JSC to modernize the gas transmission system in the territory of the Republic of Uzbekistan.

The provision of a syndicated bridge loan by Gazprombank under the coverage of EXIAR in the amount of US$300 million is the beginning of financing the "Program for the modernization and improvement of the efficiency of the main gas transmission system in the Republic of Uzbekistan for 2021-2022", which stipulayes the construction, reconstruction and overhaul of 545 km gas pipelines, as well as overhaul of compressor station installations.

The provision of insurance coverage to EXIAR on the loan will support the export of pipe products of PJSC Chelyabinsk Pipe-Rolling Plant and construction and installation services of OOO Nadymstroygazdobycha.

“Gazprombank has been supporting projects in the Republic for many years and today's agreement with EXIAR JSC will lay the foundation for another mutually beneficial cooperation, in particular, it will help satisfy the need for modernization of the gas transportation system of Uzbekistan, stimulate the supply of domestic products to foreign markets, promote the development of the international financial services market, and in general, it will become an important stage in the strategic partnership between Russia and Uzbekistan, ”commented Alexei Matveev, Deputy Chairman of the Management Board of Gazprombank.

“EXIAR already has a positive experience in supporting large infrastructure projects in Uzbekistan. EXIAR's insurance coverage makes it possible to optimize the financing structure for such large complex projects and is an important element in supporting Russian non-commodity exports. We are interested in further active work on projects in various spheres of the economy of Uzbekistan in the framework of supporting Russian exporters of high-tech products, ”said Nikita Gusakov, General Director of EXIAR JSC.

“Within the framework of a multilateral strategic partnership between the Republic of Uzbekistan and the Russian Federation, with the support of financial institutions, the Program is being implemented to modernize and improve the efficiency of the main gas transportation system of the Republic of Uzbekistan for 2021-2022. This project is a strategically important project to improve the gas transmission system of the Republic of Uzbekistan, and we are pleased to announce that we have reached an agreement with Gazprombank and EXIAR JSC to finance the project. This gave us the opportunity to start the project on time, which is especially important before the autumn-winter period for the uninterrupted supply of natural gas to the population and the economy, ”said Bekhzot Narmatov, Chairman of the Board of Uztransgaz JSC.