Navoiazot to attract loans for implementation of projects

On 24 July 2017, President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On additional measures for timely implementation of investment projects at JSC Navoiazot”.

According to the presidential resolution, Navoiazot will attract a loan of the consortium of the Japanese bank to implementation of the project on construction of capacities on production of ammonia and urea.

A consortium of Japanese banks led by the Bank of Tokyo Mitsubishi will provide a loan to finance payment of the insurance premium of the Nippon Export and Investment Insurance (NEXI) for 2.5 billion Japanese yen (US$21.74 million). The loan is granted for 7 years, including a three-year grace period, at a floating rate of 6-month LIBOR (yen) + 1.45% per annum, including the refinancing margin of Asaka Bank at a rate of 0.25% per annum

A consortium of banks Commerzbank (Germany) and Crédit Suisse (Switzerland) will provide a loan of US$115.62 million to realize the project “Organization of production of nitric acid at Navoiazot”.

This loan is provided for 11 years, including a three-year grace period. The loan is granted at a floating rate of 6-month LIBOR (USD) 1.5 per cent per annum, including the refinancing margin of Uzpromstroybank in the amount of 0.35 per cent per annum.

Uzbek leader instructed Asaka Bank and Uzpromstroybank to ensure the opening of credit lines to Navoiazot in national currency for US$35.4 million. The credit lines will be provided for 10 years with five-year grace period. The interest rate will be equal to refinancing rate of Central Bank of Uzbekistan. The credits will be directed to replenish working capital of Navoiazot.