The loans of the business entities in foreign currency, up to $1 million, will be converted into national currency by Uzbek commercial banks.

A far larger number of bidders had been expected at the auction of the plant, a local landmark founded in 1882.

Gross domestic product (GDP) grew by 3.4 percent year-on-year in January-September backed by a 3.5 percent growth in the real sector, 2.9 percent growth in services.

The substation is expected to be commissioned in 2023.

Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth was 12.3 percent in September, down from a record high of 12.8 percent in August.

The loan will finance two residential complexes, providing over 3,700 affordable and energy-efficient apartments for people on low- to middle-incomes.