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12 August 2019

J.P. Morgan Chase first agreed to fund a project in Uzbekistan

On August 8, 2019, Moscow hosted the ceremony of signing a structured export credit agreement of an international standard between the financial holding JPMorgan Chase Bank (USA) and Asaka Joint-Stock Commercial Bank.

J.P. Morgan Chase is an American financial holding. Historically, this is a financial conglomerate formed as a result of the merger of several large US banks. The headquarters of the bank is in New York.

The American holding will provide a credit line for the construction of a float glass factory in the Ferghana region. The amount of the agreement signed in Moscow is 36.4 million euros with a maturity of seven years under the insurance coverage of Sinosure, the Chinese export credit agency.

The Quartz company will carry out this project. The plant will produce polished glass using the float method using energy-efficient technologies.

The maximum daily output is 400 tons. The supplier of technological equipment is the Chinese company Shanghai Pony Technologies.

It is expected that the project will not only create up to 300 new highly qualified jobs, but also provide the domestic market with quality products with their further export to other countries.

Previously holding J.P. Morgan Chase has already participated in projects in Uzbekistan. This company led the consortium of banks in obtaining Uzbekistan a sovereign credit rating and issuing sovereign bonds.

Source: Information agency “Jahon”