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For the development of chemical technologies- 53, 8 million

The Cabinet of Ministers adopted resolution No. 39 of January 28, 2021 “On measures to implement an investment project for creation a Research and Design Institute – the Center for Chemical Technologies”.

A Memorandum of cooperation between The Ministry of Finance, the Ministry of Investment and Foreign Trade, Uzkimyosanoat JSC and the Eximbank of the Republic of Korea on joint implementation and financing of an investment project “Research and Design Institute – Center for Chemical Technologies” was signed on December 6, 2019.

Within the framework of the project, under the foundation of Uzkimyosanoat JSC, the Tashkent Chemical-Technological Research Institute LLC was established.

In May 2020, a feasibility study of the project with a total cost of $ 53.8 million was approved and an expert examination was carried out in authorized state bodies in the prescribed manner. The project will be realized until December 2024.

The following funding sources for the project were identified:

  • loan from Eximbank of the Republic of Korea in the amount of $ 40 million with an annual interest rate of 0.15%, for a period of 40 years, including a grace period of 10 years;
  • 50% of the funds from the disposable income of Uzkimyosanoat JSC and its subsidiaries, directed to the Fund for Support of Innovation Activities in the amount of $ 13.8 million.

The resolution approved the technical and economic parameters of the project, the forecast table for the repayment of the principal debt, interest on the loan and other payments for the project.

It has been established that the main debt, interest and other payments on the loan of the Eximbank of the Republic of Korea will be covered by the net profit of Uzkimyosanoat JSC and its subsidiaries, the Fund for the Support of |Innovation Activities, as well as from the introduction of innovations and the sale of patents of the Tashkent Chemical- Technology Scientific Research Institute.