Uzbekistan Airways takes out loan of US $ 309 million to upgrade its fleet

Uzbek National Bank and the Chinese Development Bank have agreed to provide a credit line as part of updating the fleet of Uzbekistan Airways, according to Togri.uz.

On August 26, 2019 as part of the 5th meeting of the Uzbek-Chinese International Cooperation Commission, the National Bank of Uzbekistan and the State Development Bank of China signed an agreement in the amount of US $ 309 million. It is reported that credit funds will be used to purchase new aircraft for Uzbekistan Airways.

The choice of the Chinese Development Bank as the main participant in the financing is due to the provision of the most favourable financing conditions, providing for the provision of a grace period for delivery payments, without the use of export insurance agencies, which prevents the cost of resources.

The renewal of the Uzbekistan Airways fleet is aimed at expanding the country’s tourism carrying capacities, improving the quality of services provided and increasing the airline’s passenger flow.

Source – http://ca-news.org/

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