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Uzbektelecom plans to attract an EBRD loan of US$100 million


National telecommunications company Uzbektelecom plans to attract a loan from the European Bank for Reconstruction and Development (EBRD). The first deputy director of the Agency for Management of State Assets, a member of the advisory council of Buyuk Kelajak and the supervisory board of Uzbektelecom Zafar Zakhidov said this in an interview with UzA.

According to him, the company plans to get a loan of US$100 million to expand the coverage of broadband Internet access.

He added that the company reduced costs by 7.5 billion soums per year due to optimization of the management structure.

“189 cars have been identified, without which it is possible to do, their implementation passes through public auctions. The expenses of the company have also been reduced, accelerated sales of non-core assets have begun, minority stakes in companies that have not earned income have already been sold. Base stations are being installed to improve mobile coverage throughout the country,” Zafar Zakhidov said.

Zakhidov said that Uzbektelecom may become one of the first state-owned companies (outside the banking system), which will receive a corporate rating from international rating agencies. This will facilitate the company’s access to international capital markets, including the Eurobond market, and reduce financial costs for servicing the debt, he said.