UK Export Finance (UKEF) has secured its first deal in Uzbekistan, providing a €12.6 million loan guarantee to Almalyk Mining and Metallurgical Complex (AMMC), one of Central Asia’s largest copper producers. The loan will support the refinancing of AMMC’s purchase of advanced automated machinery from Weir, a subsidiary of the Scottish multinational. This order, placed in 2022, helps Almalyk in enhancing its copper production capabilities.
The UKEF guarantee, issued through an international bank, is aimed at promoting UK exports and strengthening economic ties between the UK and Uzbekistan. Total UK-Uzbekistan trade amounted to £381 million in 2023, with specialized machinery ranking as the fourth most traded commodity. The machinery supplied by Weir will be instrumental for AMMC, as copper plays a crucial role in sectors such as construction, renewable energy, and electric vehicles.
UKEF has earmarked up to £4 billion to support future projects in Uzbekistan, with a focus on clean and sustainable technologies. Tim Reid, UKEF CEO, expressed optimism for further strengthening trade relations between the two nations. The recent appointment of Sevara Madgazieva as UKEF’s representative in Tashkent highlights the agency’s commitment to backing projects that contribute to Uzbekistan’s economic diversification.
