National Bank invests 4.8 billion soums in 'Namangan Kogozi'

Implemented in Uzbekistan a unique mechanism for recovery of economically insolvent enterprises has important significance in the further development of economy of our country. The investments made by domestic commercial banks in bankrupt enterprises are channeled towards modernization, technical and technological renovation of production capacities, the introduction of modern management methods, as well as the restoration of jobs and creating new ones.

One of such companies is LLC “Namangan Kogozi”, trust management of which is carried out by a subsidiary of the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan “NBU Investment”.

LLC "Namangan Kogozi" was transferred to the balance sheet of the National Bank in 2009. Since that time the bank carried out repair and restoration works, and today, the enterprise produces paper from pulp, and cardboard products from recycled materials.

- At the expense of investments of the National Bank in the amount of 4 billion 800 million soums, our enterprise managed to restore its activity. Since 2009 we have produced writing and printing paper and cardboard products worth 15 billion soums. Our products can replace imported one's from abroad, - said LLC “Namangan Kogozi” specialist Muhammadsoli Buydedaev.

Currently the company employs over 50 workers, most of them are graduates of professional colleges. The capacities of the enterprise allow to process 10-15 tons of secondary raw materials daily and to manufacture cardboard products. Annually it produces more than 200 tons of cardboard products.

- We plan to increase our production volumes, to start production of bleached pulp from local and recycled materials, as well as from annual plant species. At present we are receiving offers of cooperation from neighboring countries – Turkey, Afghanistan, Kyrgyzstan – for the production of kraft. At the moment we are negotiating with foreign partners and suppliers of raw materials, and in future we plan to put our production on export, - added Muhammadsoli Buydedaev.

Today the company supplies its products to all regions of the country.

The company is equipped with equipment from Sweden and Germany, which was modernized in 2011. Due to this, the product quality, the production volume has increased several times.

Such enterprises whose activity is restored at the expense of investments of commercial banks, contribute to accelerated development of economy of our country.