“Asaka” Bank provides financing for investment projects aimed at building new production facilities and expanding, modernizing, and re-equipping acting production facilities (including the purchase of equipment, materials, samples of new products, and other material values and technologies).
THE BANK SHALL FINANCE ECONOMICALLY PROMISING AND PROFITABLE PROJECTS.
The term of use of loans depends on the payback period of the project or based on the terms of the attracted credit lines of foreign banks and other international financial institutions (on the terms defined by the relevant resolutions of the Cabinet of Ministers and credit agreements).
As collateral, the Bank may accept movable and immovable property, the guarantees of third parties, the guarantees of the government of the Republic of Uzbekistan, insurance organizations and banks, and other types of security that are not prohibited by the legislation of the Republic of Uzbekistan.
THE BANK IS NOT ALLOWED TO PROVIDE THE FOLLOWING LOANS:
- Loans for political purposes;
- Loans for the financing of weapons, ammunition, explosives, as well as narcotic drugs or psychotropic substances (except for cases permitted by law);
- Loans secured by securities that are illiquid and have a low yield;
- Loans to borrowers who have been declared bankrupt;
- Loans for purposes that may appear to be illegal;
- Loans to legal entities of other countries;
- Loans for non-cash, stale, incomplete, non-standard, substandard values.
THE BANK'S POLICY PROVIDES FOR REFUSAL TO ISSUE LOANS:
- to Local authorities and budget organizations (except for cases stipulated by the current legislation of the Republic of Uzbekistan);
- to unprofitable enterprises or those with overdue debts;
- to public organizations that do not carry out business activities.
The sources of credit for investment projects may be the funds of foreign banks and other financial institutions under the guarantees of export-credit agencies of the respective countries.The Bank also uses syndicated lending for the purpose of performing projects under Financing of Projects
The project accepted for financing must be provided with the project feasibility study approved in accordance with the established procedure, the complete design and estimate documentation properly executed by contracts and agreements for supply of required set of technological equipment, contract work and other agreements that ensure normal commissioning and production and commercial activities of the project.
The “Asaka” Bank is interested in implementing investment projects of enterprises, including small businesses and private entrepreneurship. “Asaka” Bank's investment coordination and project management center, as well as its branches, are ready to provide necessary assistance and support at all stages of investment projects implementation.
Center for the Cordination of investment and
project managment of Asaka Bank
Contact phone numbers: (78) 120-81-79, 120-82-01, 120-86-83, 120-86-94, 120-82-24.
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.