Acuity Funding continues to build its position as a pre-eminent global provider of private credit with its latest partnership to approve funding of $277 million for construction of cement plants in Uzbekistan.
Acuity Funding and Korea’s NCG Group signed the loan approval agreement and announced the commencement of the cement plant’s construction on April 9 at the Lotte Hotel in Tashkent, Uzbekistan, and announced the start of construction of a cement plant in Uzbekistan.
“Acuity Funding’s partnership with NCG Korea Cement will directly result in the development of Uzbekistan’s economy,” said Acuity Funding CEO, Mr Ranjit Thambyrajah.
“The funding agreement will make way for construction of two production facilities with the capacity to produce 3,000 tons of cement per day or an average annual capacity of 2 million tons,” Mr Thambyrajah said.
“This project is a continuation of Acuity Funding’s commitment to supporting emerging economies through job creation and economic stimulation – this time in the south of Uzbekistan,” he said.
This funding commitment is the second largest foreign investment to Uzbekistan, made possible because of international coordination between Australia, Vietnam, South Korea, Singapore, USA, and Uzbekistan.
In addition to the long-term benefits, it will bring to the Uzbekistan community, the funding has also lifted trade between Australia and Uzbekistan by 15 times previous levels.
“We hope to see more direct flights to Tashkent and elevated diplomatic relationships between the two countries soon.”
Construction of the cement facilities is expected to commence this year, with production and sales to follow in 2027.
“By 2028 it is expected that the two plants will be producing around 95% of their maximum capacity,” Mr Thambyrajah said.
“We have now expanded our private credit business through 35 countries including the Asia Pacific, the United States, Africa, Southeast Asia and now Central Asia.
“It is our plan for the remainder of 2024 to expand development assistance to emerging economies and offer specialised financing packages, including more loans in local currencies.
“As a burgeoning private credit institution, Acuity Funding’s goal is to strengthen its global presence.
“We are excited that the NGC Uzbekistan cement project gives us a foothold in Central Asia so we can continue to expand our global investment reach.
“Uzbekistan’s rich history and culture have provided its people with the wisdom and drive to create a strong nation with a bright future.
“Acuity is proud to contribute to the development of this country for decades to come.
“Uzbekistan’s warm hospitality and potential for growth make it an excellent opportunity for Acuity’s first footprint in Central Asia. We are excited to be a part of this country’s history and contribute to its great future.”
