Azerbaijan is increasing cooperation in the textile sector of Uzbekistan

    Investments 15 February 2024 3911

    The Uztextilprom Association held a meeting with the General Director of the Uzbek-Azerbaijani Investment Company, Mr. Nizam Gajiyev.

    The Uzbek-Azerbaijani Fund was established in 2023 in order to deepen partnership and enhance comprehensive cooperation between the countries. The amount of the authorized capital is 500 million dollars.

    Following discussions on the current state and directions of development of the textile industry in Uzbekistan, promising projects and the growing financial needs of textile enterprises, the parties agreed to consider the possibility of implementing projects in Uzbekistan and Azerbaijan.

    The Azerbaijani side presented in detail the financing mechanisms, where the amount of the project can range from 1 to 25 million dollars. In total, $100 million of the Fund's funds will be allocated to projects in the textile industry.

    The parties agreed on close cooperation in the consideration and financing of projects of textile enterprises of Uzbekistan.