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    Uzbekistan Temir Yullari: debt extension and $150 mn loan for railway development

    Uzbekistan Temir Yullari: debt extension and $150 mn loan for railway development

    Uzbekistan Temir Yullari, the national railway company, has been approved by the President to extend the repayment period for its loans from the Fund for Reconstruction and Development of Uzbekistan (FRRU) by 5 years without any changes to the interest rates. The Ministry of Justice confirmed this information. 

    Photo: Uzbekistan Temir Yullari granted direct contract authority for goods and services
    Source: Gazeta.uz

    The exact amount of the company's debt to FRRU remains undisclosed, but in 2017, the fund allocated $140 mn for a subway line in Tashkent, for which Uzbekistan Temir Yullari was responsible. 

    The President instructed FRRU to provide a $150 mn loan from the Industrial Development Fund to Uzbekistan Temir Yullari, with a 10-year repayment period and an annual interest rate of 5%, to be used for producing freight and passenger cars and expanding export capacities. Feasibility studies for projects and contracts will be examined by the "Center for Comprehensive Expertise of Projects and Import Contracts." 

    Photo: A loan of $150 mn allocated from the Industrial Development 
    Source: Freepik

    Starting from January 1, 2026, Uzbekistan Temir Yullari and its associated enterprises will have the authority to engage in direct contracts for selling, leasing, purchasing, and supplying goods and carrying out work and services. 

    The import duty on certain lifting equipment will be reset to zero as of 2027. The railway industry reform allows international experts, consulting firms, and investment banks to be involved until January 1, 2026, without mandatory contract examination. 

    Photo: No changes in interest rates for the extended debt will be implemented.
    Source: Deutsche Bahn

    Under the reform, separate companies focusing on infrastructure, freight cars, logistics, passenger transportation, and station management will be established, and the development of railway stations in Tashkent, Samarkand, and Kokand will be carried out through public-private partnerships.

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    12.10.2023, 10:21   Comments (0)   1747
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