Uzmetkombinat Secures €132.5 Mln Loan to Launch Uzbekistan’s First Hot-Rolled Steel Plant
Uzmetkombinat JSC has signed a €132.5 mn, seven-year loan agreement in London to complete the construction of Uzbekistan’s first hot-rolled steel production facility, the Casting and Rolling Complex.
The financing was arranged by Standard Chartered Bank (United Kingdom) and KfW IPEX-Bank GmbH (Germany), with insurance coverage provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The funds will be used to finance and refinance expenses related to the construction, commissioning, and launch of the new complex.
Bahodir Abdullaev, Chairman of the Board and General Director of Uzmetkombinat, said:
«We express our sincere gratitude to Standard Chartered, KfW IPEX-Bank GmbH, and ICIEC for their trust and long-term support of Uzbekistan’s industrial development. This strategic financing reflects a strong international partnership and marks a new chapter for our company, the launch of the nation’s first domestic production of hot-rolled coils. The project will significantly reduce import dependency, strengthen local supply chains, and give new momentum to key sectors of the national economy.»
Founded in 1853, Standard Chartered Bank operates in more than 60 countries and is recognised as one of the world’s leading financial institutions, with decades of experience in infrastructure, industrial, and trade finance.
Kursiv also reports that in 2024, Uzbekistan’s largest mining companies and the Ministry of Mining and Geology attracted $3.58 bn in investments.
