Why is this important
The Export-Import Bank will finance the modernization of Uzbekistan Airways (replacement of old Boeing 757/767s with new 787 Dreamliners) — a $1-2 billion project, which will improve quality and safety. DFC will open an office in Tashkent — the first American financial institution in the region, a signal for long-term partnership. The joint investment platform will attract $500 million to energy (solar, wind power plants), critical minerals (rare earth metals for electronics, batteries). GM will expand Chevrolet models, deepen localization to 70% — lower prices, create jobs.
What happened
- Uzbekistan and Eximbank signed an agreement on financing energy, transport, IT, and agriculture;
- Eximbank can finance the modernization of the aircraft fleet, Boeing supplies;
- DFC will open an office in Tashkent and create a joint investment platform;
- GM produced 1.6 million Chevrolets in 5 years — the second market after the USA;
- Expansion of the model range, deepening of localization, projects in new technologies.
Export–Import Bank of the United States
- Agreement: financing projects in energy (solar, wind power plants), critical minerals (rare earth metals), transport (aviation, railways), agriculture (irrigation, agrotech), IT (data centers, cloud platforms).
- Boeing: modernization of Uzbekistan Airways — replacement of old Boeing 757/767 with new 787 Dreamliner, 737 MAX. Eximbank can finance the purchase ($1-2 billion) at preferential interest rates (3-5% per annum) for 15-20 years.
- Critical minerals: Uzbekistan has deposits of rare earth metals (neodime, lanthanum, cerium) — in demand for electronics, electric vehicle batteries, military equipment. Eximbank finances development, processing, and export to the USA.
DFC (US Corporation for International Financial Development)
- Tashkent office: the first American financial institution in the region — a signal for long-term partnership, competition with China (Asian Infrastructure Investment Bank).
- Investment platform: joint with Uzbekistan for financing energy (solar, wind power plants $500+ million), finance (bank support, FinTech), transport (roads, logistics), agriculture (irrigation, agrotech), IT (data centers, startups).
- Small Business: DFC will provide grants, loans for SMEs — support for entrepreneurs, creation of jobs.
General Motors
- 1.6 million cars in 5 years: Uzbekistan is the second largest Chevrolet market after the USA, the leader in Central Asia and the CIS.
- Expansion of the model range: addition of electric vehicles (Chevrolet Bolt), hybrids, new crossovers, pickups for diversification.
- Deepening of localization: from 30-40% to 70% — production of engines, transmissions, electronics within the country. It will reduce prices, create jobs, and increase export potential.
- New technologies: joint projects in electric vehicles, autonomous driving, smart systems.
- Raw materials: extraction of rare earth metals in Uzbekistan for GM electric vehicle batteries — vertical integration, reduction of dependence on China.
Context
- Mirziyoyev’s visit to the USA: working visit to Washington on November 6 — the first in several years, a signal of warming relations, strategic partnership.
- Eximbank: The state export-import bank of the USA, financing the purchase of American goods and services by foreign countries with preferential interest. The goal is to support American exports and create jobs in the US.
- DFC: a state corporation that invests in developing countries to compete with China. The Tashkent office is the opposite of the Chinese “Belt and Road”.
- GM in Uzbekistan: partnership since 1996, joint venture of GM Uzbekistan. It has produced 3+ million cars in 25 years and created 20,000+ jobs.
- Critical minerals: rare earth metals are a strategic resource for electronics, batteries, and military equipment. The US is dependent on China (80% of global production), looking for alternatives in Uzbekistan and Africa.
