BAKU, Azerbaijan, October 7. KfW IPEX-Bank’s (German bank providing commercial financing) portfolio in Uzbekistan totaled 700 million euros, the bank’s spokesperson Dela Strumpf told TurkicWorld
"Uzbekistan is one of the few countries where all divisions of KfW Bankengruppe are active, including DEG, KfW Development Bank (provides financial assistance), and KfW IPEX-Bank. The bank’s total portfolio in Uzbekistan stands at 1.7 billion euros, with KfW IPEX-Bank managing approximately 700 million euros of it," she said.
According to her, the KfW IPEX-Bank continues to identify opportunities in Uzbekistan’s energy sector, infrastructure, mobility, industry, and commerce, further contributing to Germany’s raw materials security. Notably, demand for wind power, solar energy, hydrogen, and water and waste management infrastructure is also rising in Uzbekistan. The bank supports the country’s initiatives on the Middle Corridor and logistics development.
"We provide direct corporate financing to our clients and engage in project financing, collaborating with international financial institutions and maintaining our involvement in on-lending frameworks (bank-to-bank)," Strumpf emphasized.
Earlier, KfW IPEX Bank and AKA Bank (Germany) signed an agreement with Uzbekistan's Almalyk Mining and Metallurgical Combine (AMMC) on construction of a new copper smelting complex in Uzbekistan.
The German banks will provide 146 million euros as the first tranche to finance the construction of a new copper smelting complex.
