JP Morgan Chase to accelerate allocation of loans to Uzbekneftegaz

JP Morgan Chase & Co has agreed to accelerate the allocation of trade financing to Uzbekneftegaz projects. The deal was reached during negotiations held with Uzbekneftegaz management in Tashkent on June1.

The parties discussed the development of cooperation and the expansion of funding for joint initiatives. Project results in the transformation of the enterprise, gas production and other areas were presented.

In addition, the US investmet bank provided information on credit risks and on attracting funds for initiatives from export credit agencies. Hedging and risk reduction in financial assets were other matters discussed at the meeting.

JP Morgan Chase first agreed to finance a project in Uzbekistan in 2019, signing an agreement on the allocation of a €36.4mn credit line for the construction of a float glass plant in the Fergana region.