Tashkent, Uzbekistan (UzDaily.com) — Uzmetkombinat JSC has extended its US$100 million loan agreement with Citibank’s London branch, the company’s press service reports.

The loan agreement was originally signed on 4 August 2023, and was intended to finance corporate expenses and refinance the existing loan portfolio. The initial term of the agreement was one year.

According to the terms, the company had the option to extend the loan for an additional year. The extension was approved by all creditors and formalized through an addendum signed on 2 August 2024.

As of the first half of the year, Uzmetkombinat’s long-term bank loans amounted to 2.9 trillion soums, a decrease of 7.2% compared to the same period last year. Short-term loans, however, increased to 2.0 trillion soums, a rise of 574.8% year-on-year.