Saturday, 23 March 2019 08:42 GMT

Uzbekistan plans to attract EBRD soft loan for construction of hotels

(MENAFN - Trend News Agency ) Baku, Azerbaijan, Oct. 12


Uzbekistan plans to attract a preferential loan from the European Bank for Reconstruction and Development (EBRD) for the construction of new hotels, reported.

This became known at the end of the negotiations held in Tashkent between representatives of the bank and the leadership of Uzbekistan's State Committee for Tourism Development.

"The Uzbek side proposed to consider the possibility of opening a separate credit line with a minimum interest rate for a long term. The long duration of the credit term is connected with the fact that the hotel business requires a long payback period. Therefore, foreign investors and local entrepreneurs are interested in building hotels and need support and loans with the minimal possible interest and the longest possible repayment period," the press service of the State Committee reported.

Jean-Marc Peterschmitt, EBRD Managing Director for Industry, Commerce & Agribusiness and Chief Operating Officer for Client Services Group, confirmed the bank's interest in cooperation and participation in investment projects, as well as provision of support for small and medium-sized businesses.

Representatives of the State Committee for Tourism Development invited guests to take part in the upcoming Investment Forum, which will be held November 19-21 in Tashkent. At the forum, more than 100 projects will be presented for implementation in the regions of the country, and it is also planned to organize presentations directly at the sites.

The other day, the EBRD Board of Directors approved a new strategy for Uzbekistan, which sets out the Bank's priorities in the country for the next five years.

From 1992 to 2010, the EBRD invested 894 million euros in 54 projects in Uzbekistan. By the end of 2017, the bank signed the first six new agreements on operations in the country since 2010, totaling more than 153 million euros.

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Uzbekistan plans to attract EBRD soft loan for construction of hotels

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