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• Guaranteed loan issued to Almalyk Mining and Metallurgical Complex to support refinancing of its purchase from Weir of specialist machinery for one of the largest copper-production facilities in Central Asia.

• This has supported Weir in delivering a major order, received in 2022, to supply machinery for Almalyk.

• News follows appointment of UKEF representative in Tashkent managing up to £4 billion in financing opportunities.

UK Export Finance (UKEF) has closed its first deal in Uzbekistan by guaranteeing a �12.6 million loan that supports export opportunities for a subsidiary of Scottish multinational, Weir.

This loan, provided by an international bank, allows Almalyk Mining and Metallurgical Complex � based near Tashkent, Uzbekistan � to refinance its purchase of fully automated machinery from Weir.

UKEF is supporting the transaction to promote machinery exports which will total millions of pounds. Total UK-Uzbekistan trade was worth £381 million in 2023[1], with specialised machinery now the fourth most-traded commodity overall.[2]

»Ê¹ÚÌåÓýapp Almalyk complex is one of the largest producers of copper in Central Asia, with non-ferrous metals, metal ore and scrap accounting for around 90% of the UK’s imports from Uzbekistan.[3] Copper is essential for construction and a range of technologies including solar panels and electric vehicles.

»Ê¹ÚÌåÓýapp guarantee from UKEF, the UK’s export credit agency, will be key to supporting future production at Almalyk by giving it continued access to capital from a key supplier. 

UKEF has made clear its continued interest in backing Uzbekistan projects; its CEO Tim Reid visited Uzbekistan last year to discuss opportunities for supporting trade and investment as the country diversifies its economy.

In 2024, UKEF then appointed a dedicated representative to Tashkent. Sevara Madgazieva, UKEF Country Head for Uzbekistan, can support buyers in Uzbekistan looking to deliver projects using UK goods, with a focus on clean and sustainable technologies.

Tim Reid, CEO of UK Export Finance, said:

It is no coincidence that Uzbekistan has for centuries been at the literal crossroads of world trade. When I visited last year, I was struck by what I saw: huge energy from a young and growing workforce, and equally huge ambitions for economic growth.

UK businesses are more interested than ever in bringing their goods and services to this vibrant economy � and UKEF can help buyers in Uzbekistan looking to make the most of this opportunity.

Sevara Madgazieva, UKEF Country Head (Uzbekistan), said:

This is the first of many opportunities for UK Export Finance to strengthen the trading relationship between the UK and Uzbekistan. British suppliers have a lot to contribute as Uzbekistan continues to diversify its economy, which is why UKEF has billions of pounds available to support projects throughout Central Asia.

UKEF has up to £4 billion in financing available to support contracts in Uzbekistan, with a focus on projects supporting the country’s social and economic development.

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[1] Uzbekistan released on 20 September 2024, p.3.

[2] Calculation using data on the four quarters to end of Q1 2024, from Trade and Investment Factsheet, p. 7.

[3] Ibid.