FUNDING

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Project financing

«Asaka» bank (PC) implements project financing of investment projects directed to the construction of new and enlarging, modernization, extension of production (including acquisition of equipment, materials, samples of new items, other tangible properties and technologies).

Bank finances economically perspective, cost efficient projects.

Term of credit usage depends on the term of the project recoupment but not more than 10 years. Borrowings for terms, exceeding 10 years, can be presented in exclusive cases by Decrees of Ministers Board or at the expense of attracted credit lines of foreign banks and other international finance institutions (according to the terms defined by relevant Decrees of Ministers Board and credit agreements).

Mortgage of personal and real assets, guarantees of third persons, guarantees of Government of the Republic of Uzbekistan, insurance organizations and banks and other types of provision not prohibited by the legislation of the Republic of Uzbekistan can be accepted as bank provision.

Bank does not give the following credits:

  • credits for political issues;
  • credits for financing of arms, ammunition, explosives, drugs or psychotropic (exclusive cases allowed by legislation);
  • credits, provided by non-liquid and with low income securities;
  • credits to borrowers who was declared bankrupt;
  • credits for the non legal purposes;
  • credits to legal persons of other countries;
  • credits against unmarketable, old, incomplete, not standard, non qualitative values.

Bank politics provides the refuse for credit issue:

  • to local authorities institutions and budget organizations (excluding cases stipulated by acting legislation of the Republic of Uzbekistan);
  • to unprofitable enterprises or enterprises having delinquent debts;
  • to public organizations not implementing course of business.

Means of foreign banks and other finance institutions under guarantees of export-credit agencies of relevant countries can be sources of investment projects crediting.

Bank also uses syndicated crediting for the purposes of project realization on project financing.

Project accepted for financing shall be provided by TEO project confirmed in defined order, full construction documents and contracts and agreements on required technical equipment set deliver completed in a proper way, contract works and other agreements providing normal commissioning and industrial-commercial project activity.

“Asaka” Bank (PC) is interested in realization of enterprises investment projects, including for subjects of small and private business. Project finance department and Bank subsidiaries are ready to assess and support within all stages of investment projects realization.

Contact phone numbers:

Project finance department:

120-39-52; 120-39-51; 120-39-53
120-39-56; 120-39-58; 120-39-88
120-39-55 (fax)

 
Asaka Bank actively participates in realization of the Project - "Energy Efficiency Facility for Industrial Enterprises"

At the Conference on June 5th, the Ministry of Economy of the Republic of Uzbekistan and the World Bank presented the Mid-term review of the joint Project "Energy Efficiency Facility for Industrial Enterprises" at the premises of International Business Center.

The event was held on high level. The conference was attended by The Minister of Economy and the World Bank Country Manager for Uzbekistan as well as the heads of national departments, agencies, and the companies involved in the promotion of energy efficient equipment and technologies in Uzbekistan.

The conference also invited banks of Uzbekistan interested in development of funding mechanism for energy efficiency projects. In turn, such directly involved in the Project banks as "Asaka Bank" and other commercial banks shared their experience in the field with their colleagues - participants of the event.

The Project "Energy Efficiency Facility for Industrial Enterprises" has been launched in 2011. The project is realized in accordance with the decisions of Uzbekistan government: the Resolution of the Cabinet of Ministers #211 dated 25.07.2011 «On measures for realization of the Energy Efficiency Facility for Industrial Enterprises Project (UZEEF) with the participation of the International Development Association (IDA)", the resolution of the Cabinet of Ministers of the Republic of Uzbekistan #168 dated 12.06.2013 «On additional measures for the implementation of the Energy Efficiency Facility for Industrial Enterprises Project with the participation of IDA."

The project aims at improving energy efficiency in industrial enterprises through development and implementation of the energy efficiency financing mechanism.

The project is being implemented at the expense of the credit line of IDA and partnership financing of "Asaka Bank" and other commercial banks of the Republic of Uzbekistan. A coordinator of the project is the Ministry of Economy of the Republic of Uzbekistan.

The project has attracted a loan in the amount of $25 million (first phase) from long-term concessional assets of IDA. The loan amount was evenly distributed ($8 million) among SJAC Bank «Asaka» and other commercial banks for financing national industrial enterprises willing to purchase and implement energy efficient equipment and technologies.

A successful implementation of the project allowed to achieve the agreement on the allocation of additional funding for this project in the amount of $100 million (second phase). The attraction of additional funding has been started since 2014 and the rates of attraction, which are ahead of forecasted rates, show an increased need of industrial enterprises in an acquisition of modern equipment and implementation of effective energy technology.

In particular, Asaka Bank has financed subprojects of NHC «Uzbekneftegaz», JSC "Uzmetkombinat" and Food industry association from the funds of IDA.

During the Conference the heads of major energy-consuming enterprises in Uzbekistan presented their proposals and discussed related issues. In particular, the CEOs of the Navoi MMC, JSC "Uzmetkombinat" and JSC "Navoiazot", and other companies and associations that have already received the loan as a part of the Project, shared their experience in the implementation energy-efficient technologies.

They also discussed the issue of improving energy audits at the energy-intensive enterprises. In addition, participants paid careful attention to raising awareness about the importance of energy efficiency and resource conservation.

In conclusion, it was noted that the Project has already secured savings of more than 145 million KW/h of electricity and 40 million cubic meters of natural gas throughout the country, and intends to increase these figures to 550 million and 168 million respectively.