Eurobonds brought Uzbekistan out of isolation – Bloomberg; Ericsson plans to resume work in Uzbekistan after a seven-year break; Canadian SkyPower Global to invest $1,3 billion for construction of a solar power plant in Uzbekistan; Green Soil JV to help boost Uzbekistan’s agrarian sector; Uzbek government provides support for textile companies;
Eurobonds brought Uzbekistan out of isolation – Bloomberg
The demand for the first Eurobonds of Uzbekistan exceeded $ 8 billion, while their volume is $ 1 billion, follows from materials for investors.
The placement of securities is a key milestone for the country, writes Bloomberg, where they believe that now we can finally say that Uzbekistan has come out of isolation.
Now Uzbekistan wants to place two tranches of bonds with maturities of 5 and 10 years and the acceptance of applications has begun. According to the newspaper, the first deals were with a yield of 4.7% on five-year bonds and 5.3% for ten-year bonds.
Ericsson plans to resume work in Uzbekistan after a seven-year break
The Swedish company Ericsson intends to resume work in Uzbekistan after a seven-year break. The general director for Central Asia and Mongolia Aydin Abzhanbekov announced during the Uzbek-Swedish business forum.
“The company has been present on the Uzbek market for a long time. In 1904, the first fixed-line switch was installed in Tashkent. Since then, the communications industry has taken a step forward, we have had a break in relations with Uzbekistan since 2012. At the moment, we are establishing and restoring contacts with potential customers in the country,” said an Ericsson representative.
“For the past few months, we have been observing with great interest the work of the Government of Uzbekistan, bold and decisive reforms, which are being held aside for the modernization of the economy and infrastructure. We hope to take an active part in this,” Abzhanbekov said.
Canadian SkyPower Global to invest $1,3 billion for construction of a solar power plant in Uzbekistan
Canadian company SkyPower Global will invest $1,3 billion in construction of the SPP with a total capacity of 1,000 MW. The site in the Samarkand region was also transferred to the investor.
The first deputy chairman of the JSC Uzbekenergo Ruslan Mubarakshin stressed that cooperation with SkyPower Global is based on the model of direct attraction of foreign investment, without lending. Now, he said, the foreign company is conducting its researches in the territory of Uzbekistan.
“Despite the fact that we have provided a map of the potential of solar activity, they want to conduct an independent study. They need time to figure out some points. Considering the great contribution, they make geology on their own, without relying on the data that we have provided them,” Mubarakshin noted.
According to the results of the project, approximately 10% of the total production capacity of all energy sources in Uzbekistan will be produced in Samarkand, Jizzakh, Navoi, Sukhandarya, Kashkadarya and Tashkent regions, SkyPower Global confirms. In addition, the JSC Uzbekenergo has already committed to purchase electricity.
Green Soil JV to help boost Uzbekistan’s agrarian sector
A meeting between representatives of cotton clusters and Green Soil Uzbekistan – Ukraine joint venture was held at “Uztuqimachiliksanoat” (Uzbekistan Textile Industry) Association.
During the talks, representatives of Green Soil joint venture informed about the experience of production and use of modern mineral fertilizers, primarily liquid.
According to the press service of “Uztuqimachiliksanoat” Association, representatives of cotton enterprises received recommendations on adaptation of liquid and compacted fertilizers to the requirements of Uzbekistan farmers.
Implementation of investment projects of Green Soil JV will serve to expand the capabilities of agrarian enterprises of the Republic of Uzbekistan.
Uzbek government provides support for textile companies
From 1st of April, a new order is established: when part of the costs associated with payment of interest on loans allocated to garment and knitting enterprises in 2019-2021 are covered by the State Fund for supporting development of business activities. This applies only to those companies that export at least 80% of their products.
From the same date, refund to the taxpayer of the VAT amount arising from the application of zero rate, is carried out in an expedited manner within seven working days.
In addition, requirement to provide information will be cancelled that is available to the state tax service, including the act of reconciliation of taxes and other obligatory payments and calculations of value added tax.
It also annuls exclusive requirement of a bank guarantee for the sale of cotton fiber through exchange trading. In this case, the method of ensuring the fulfillment of obligations is determined between the parties on a contractual basis.