Turonbank and Eximbank of China ink $85.8 million worth agreements

President Shavkat Mirziyoyev during his trip to the People's Republic of China in May 2017 signed an agreement on cooperation in the sphere of construction and modernization of hydroelectric power plants on the territory of the Republic of Uzbekistan.

In order to develop bilateral cooperation on the implementation of the program of construction and modernization of hydroelectric power plants in the Republic of Uzbekistan and in accordance with the Decree of the President of the Republic of Uzbekistan №ПП-3335 dated October 17, 2017, JSCB Turonbank and Export-Import Bank of China signed a loan agreement worth $58.5 million to finance the projects of JSC Uzbekgidroenergo for the construction of 4 small hydroelectric power plants in Tashkent, Namangan and Surkhandarya regions for a period of 20 years.

Within the framework of the summit of the Council of Heads of State of the Shanghai Cooperation Organization, which took place in Qingdao on June 9-10, 2018, as well as pursuant to presidential resolutions, the Uzbek bank and the Export-Import Bank of China signed loan agreements worth $85.8 million to finance the projects of JSC Uzbekgidroenergo for the construction of a hydroelectric power station in the Tashkent region and the modernization of 4 hydroelectric power stations in Tashkent, as well as in the Andijan and Tashkent regions for 20 years.

The successful construction and modernization of the above-mentioned hydroelectric power stations would allow to bring the capacity to 62.1 MW, while the average annual electricity generation will comprise 406.1 million kWh.