Commerzbank can provide up to US$50m to modernization of AGMK

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Finance 23/10/2014 Commerzbank can provide up to US$50m to modernization of AGMK

Commerzbank can provide up to US$50m to modernization of AGMK

Tashkent, Uzbekistan (UzDaily.com) -- Commerzbank of Germany is planning to allocate US$50 million to project on modernization of Almalyk Mining and Metallurgy Combine, RIA Novosti reported quoting the source in Uzbek combine.

The source said that Ipoteka Bank will refinance the loan, issued by the German bank.

Issue of attracting credit line of German bank to long-term financing of the re-equipment projects of the AGMK was discussed last week at the negotiations of Ipoteka Bank and Commerzbank.

In September, it was reported that Commerzbank allocated US$34.1 million to modernize copper melting capacities of AGMK. The loan was issued within the financing of the contract of Dobersek Engineering (Germany) and AGMK to construction of copper smelting furnace with the cost of US$89.6 million.

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