The document was signed during the Uzbekistan Economic Forum held in the capital Tashkent last week with the support of the Asian Development Bank and the World Bank.

The government plans to sell 75 percent of shares in Ipoteka Bank.

The company is comprised of four hydrometallurgical plants, one heap leaching mine and one gold processing mill.

The project which has been tasked by the country's President Shavkat Mirziyoyev is expected to be launched in September 2022 and envisages the production of 190,000 cars per year.

A 50 million euro agreement of intent was signed between ThyssenKrupp AG and Enter Engineering, the largest engineering, procurement and construction contractor in Central Asia and Russia.