National Bank of Uzbekistan carries out effective work on improvement of bankrupt enterprises

The National Bank for Foreign Economic Activity of the Republic of Uzbekistan actively works on financial recovery and restoration of bankrupt enterprises, modernization of production, organization of production of competitive products oriented to the domestic and foreign market, as well as consequent sale of these enterprises to strategic investors.

Managing the assets of companies who survived economic hardship, as well as the sale of recovered companies to promising investors is carried out by the established under the National Bank "NBU Investment" company.

The enterprises, which were reformed with the assistance of the Bank operate in various areas of the economy, bringing not only economic but also social benefits. One of such enterprises is LLC "Kosonsoy Tukimachi", established on the basis of the former “Kosonsoy Tekmen” in Namangan.

As a result of work on financial recovery LLC "Kosonsoy Tukimachi" on the balance of the National Bank, restored the activities of production and currently produces wool products for export. In addition, the enterprise produces half-woolen blankets, knitted, woolen, flannel cloth and other products.

- The volume of investments allocated by "NBU Investment" for the development of our business as of today reached 1 billion 600 million soums. The company employs 150 people, most of them are graduates of professional colleges. Our company produces import-substituting wool products. If in the year of the launch the enterprise had been producing finished products worth 750 million soums, today the figure is 3 billion 200 million soums. In order to further develop the activities of the enterprise and improve product quality, work is underway to attract foreign and local investments, - says the specialist of the LLC "Kosonsoy Tukimachi" Abdullo Kodirov.

The company has five workshops operating - knitting, dyeing, finishing and the one which produces thin and thick yarn.

- Raw materials for blankets we take from a nitronic fiber of "Navoiazot" and wool produced in the Republic. In knitting and finishing workshops products undergo quality control and are prepared to the market, - said Abdullo Kodirov.

To improve product quality, the company has equipment of leading European companies from France, Italy and Belgium.

In 2011 LLC "Kosonsoy Tukimachi" entered into a contract with a Russian company and exported textile yarn worth $210 thousand.

Thus, measures implemented by the National Bank on improvement and support of bankrupt enterprises contribute to raising exports and creating new jobs.

UzReport