A modern textile factory worth a total of $92 million will be built in Uzbekistan till late 2018, Sputnik Uzbekistan reported Oct. 9.

The initiators of the factory construction project are Namangan Sharbati joint venture, the National Bank for Foreign Economic Activity and Ozbekyengilsanoat joint stock company.

The factory will annually produce 10,000 tons of polyester fiber, 10,000 tons of polyester yarn, 20 million running meters of mixed fabrics, 7,000 tons of blended linen.

The project is financed through Namangan Sharbati joint venture’s equity worth $30 million and the Uzbek Reconstruction and Development Fund’s loan worth $62 million.

The factory will be exempt from paying corporate income tax, value added tax and mandatory contributions to the Republican Road Fund under the Uzbek Finance Ministry, till January 1, 2022.

The factory will be also exempt from customs payments for imported equipment, components, chemicals which are not manufactured in the country.

Meanwhile, 132 investment projects are planned to be implemented in the Uzbek textile industry till late 2019, the total value of which will be about $2.2 billion.

 

Icmal.Az