OREANDA-NEWS. February 20, 2012. Fund for Reconstruction and Development of Uzbekistan (FRDU) will issue loan at the size of US6.93 million to finance purchase of first two aircrafts Boeing 767-300ER and spare engine to them.

Cabinet of Ministers of Uzbekistan adopted a resolution “On additional measures on implementation of investment project “Updating and unifying aircraft fleet of Uzbekistan Havo Yollari”.

According to the document, the loan will be refinanced through National Bank of Uzbekistan for Foreign Economic Activity (NBU). The loan is issued for ten years with three-year grace period and under interest rate of 4.5% APR, including 0.5% margin of the refinancing bank.

Uzbekistan Havo Yollari will repay loan of the Fund for Reconstruction and Development of Uzbekistan due to own resources.

The Government of Uzbekistan entrusted Minister of Finance of Uzbekistan to issue the guarantee of Uzbekistan to NBU on liabilities of Uzbekistan Havo Yollari on refinanced loan of the FRDU.

Cabinet of Ministers entrusted Uzbekistan Havo Yollari, NBU, Finance Ministry, Foreign Economic Relations, Investments and Trade of Uzbekistan to consider and process the best proposal of the foreign bank to finance part of payments for purchase of the third and fourth Boeing 767-300ER, which will be supplied in 2013.

The document said that Uzbekistan Havo Yollari paid advanced payments for US.98 million for supply of four Boeing 767-300ER aircrafts and spare engine in line with the signed agreement.

As reported earlier, Uzbekistan Havo Yollari received the first Boeing 767-300ER airplane on 9 February 2012.