State-owned Uzbekistan bank secures USD 88 mn syndicated loan from Mashreq

Mashreq arranges USD 88 mn syndicated loan for Uzbekistan’s Agrobank:Our friends at Mashreq have secured a one-year USD 88 mn syndicated loan for Uzbekistan’s largest commercial lender Agrobank, according to a press release (pdf). Agrobank will use the funds for “general corporate purposes,” the statement said. The bank did not disclose who subscribed to the transaction, but said it drew investors from the region, Europe and the Commonwealth of Independent States (CIS).

The transaction — which is the first for an Uzbekistan-owned bank in the MENA region — was 0.75x oversubscribed, surpassing the initial USD 50 mn earmarked for the loan on the back of demand from investors in the region.

What they said: “The collaboration reinforces Mashreq’s commitment to fostering growth in emerging markets and supporting small businesses operating in vital sectors, such as agriculture,” Mashreq Group Head of Corporate and Investment Banking Joel Van Dusen said.

Advisors: Mashreq is the sole coordinator, initial lead arranger, bookrunner and facility agentfor the transaction.