TASHKENT (TCA) — Uzbekistan’s state-owned carmaker UzAuto Motors and Credit Suisse AG London Branch signed an agreement on an international syndicated loan for up to 150 million euros (179.6 million U.S. dollars), Xinhua news agency reported citing the Uzbek company.
As its debut in international syndicated loan market, this agreement has become a landmark deal for UzAuto Motors, the company said on November 30, adding that the funds will be used to finance investment projects, modernize production lines and increase working capital.
According to the Uzbek plant, which currently produces cars under the “Chevrolet” brand in alliance with the U.S. General Motors (GM), the borrowing will also help to launch the production of new GM models for developing countries on its automotive platform.
UzAuto Motors, the largest car manufacturer in Uzbekistan, with an annual production capacity of 300,000 vehicles, was formerly a GM-Uzbekistan joint venture and is currently owned by the state-run company Uzavtosanoat.
Uzbekistan and neighboring Kazakhstan are the largest automobile manufacturers in Central Asia.