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Overview: about the EBRD
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- EBRD lending up to €20 million to Artikul Aziya Kabel, a major producer of copper cables and wires
- Loan will be used to expand production and increase export
- Project will contribute to grid enhancements in Uzbekistan
The European Bank for Reconstruction and Development (EBRD) is lending up to €20 million to Uzbekistan’s leading manufacturer of copper cable and wire products, Artikul Aziya Kabel (AAK), supporting the development of the private sector and promoting local production of goods critical for grid enhancements and further deployment of renewable energy.
The EBRD’s loan will be used by AAK to increase production of copper cable and wire products and boost exports of specialist products such as solar cables. The funding will help to strengthen AAK’s position as a recognised supplier of cables and wires in Central Asia and support its long-term ambition of becoming an internationally recognised market player and exporter with sales to EU markets.
AAK’s efforts to increase local production will help Uzbekistan to deliver on its “Uzbekistan 2030” strategy, which is aiming to triple domestic copper production. Increases in the availability and variety of cable products manufactured by AAK will also contribute to the substitution of imports, support the growing construction sector and increase the sustainability of the grid.
As part of this project, AAK will, with technical assistance from the EBRD, develop specialist training programmes for in collaboration with local education partners. The company will also adopt international best practices to enhance efficiency and corporate governance. By working with the EBRD the company will be aiming to comply with the European Union’s safety and quality standards in the electrical and electronic industries known as VDE.
Uzbekistan has been the leading recipient of EBRD funding in Central Asia over the past five years. The Bank has invested over €5.5 billion in the country across 174 projects, with most of that funding supporting private entrepreneurship.