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Islamic Development Bank to fund reconstruction of sections of Tashkent-Termez highway

5 January 2021

Some $40.7 million will be allocated for the reconstruction of two sections of the M39 Tashkent-Termez highway with a total length of 21 kilometers, Trend reports referring to Norma information and legal portal.

According to the resolutions of the Cabinet of Ministers, the project to repair sections of the highway for 1,395-1,400 and 1,410-1,426 kilometers will be implemented with the participation of the Islamic Development Bank (IDB), whose loan for a period of 20 years will amount to $35.1 million.

The remaining $5.5 million is the contribution of Uzbekistan, taking into account tax incentives.

It follows from the document that the repayment of the loan and interest, as well as the coverage of commission fees and expenses for mediation, will be made from the state budget.

The Ministry of Finance was charged with concluding an additional agreement to the loan agreement between Uzbekistan and the Islamic Development Bank, and the Ministry of Justice was charged with drawing up a legal opinion.

Earlier, the IDB also participated in the reconstruction of 100 kilometers (1,330-1,395 kilometers, 1,400-1,410 kilometers, and 1,426-1,451 kilometers) of the Tashkent-Termez highway. The project cost was estimated at $167.2 million. The contractor was Azerbaijan's Akkord Industry Construction Investment Corporation.

In addition, the IDB Board of Directors approved financing of projects in Uzbekistan for $509.2 million.