Uztransgaz and Gazprombank sign indicative conditions for the provision of bridge financing
04/06/2021 19:21
Uztransgaz and Gazprombank sign indicative conditions for the provision of bridge financing
04/06/2021 19:21
Tashkent, Uzbekistan (UzDaily.com) -- Gazprombank and Uztransgaz signed indicative conditions for the provision of short-term bridge financing in the form of a syndicated loan for up to US$300 million. The signing took place within the framework of the St. Petersburg International Economic Forum. According to the agreements reached, 50% of the syndicated loan amount will be insured by the Russian Agency for Export Credit and Investment Insurance.
The provision of a short-term bridge loan by Gazprombank 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 envisages the construction, reconstruction and overhaul of 545 km of gas pipelines, as well as overhaul of compressor station installations Gazli.
As the next stage, it is planned to organize long-term financing on the principles of project financing or public private partnerships with the involvement of leading international financial institutions.
“Gazprombank is a long-term and proven partner of the Republic of Uzbekistan. The Bank participated in financing a number of large investment projects in the oil and gas industry of the Republic. We are pleased with the development of the already established mutually beneficial cooperation and see great potential for the development of large infrastructure projects in the country,” said Alexei Matveev, Deputy Chairman of the Management Board of Gazprombank.
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