BAKU, Azerbaijan, September 11. Uzbekistan’s
Technological Metals Complex (TMK) and the Eurasian Development
Bank (EDB) are exploring financing mechanisms for projects to
develop critical minerals and rare earth elements.
This was reflected in the statement by the TMK, following a
working meeting between representatives of TMC and EDB at the
company’s headquarters to discuss the development of cooperation in
the critical minerals sector.
The meeting followed a memorandum of cooperation signed between TMK and EDB
in June covering financing for projects related to the extraction
and processing of critical minerals and rare earth elements.
The sides reviewed practical steps for implementing the areas
outlined in the memorandum, including opportunities for financial
support for prospective projects and the next stages of
cooperation.
Particular attention was given to potential technical assistance
mechanisms, support for investment activities and financial
instruments that could be used to finance projects in the
sector.
“Developing practical financing mechanisms is an important step
toward advancing projects in the extraction and processing of
critical minerals and rare earth elements,” TMK said.
The parties also discussed approaches to structuring financial
support and technical assistance based on the needs of individual
projects, according to the company.
The cooperation comes as Uzbekistan seeks to develop its
critical mineral resources, expand processing capacity and attract
financing for projects that can increase the value generated from
the country’s mineral resources.
Critical minerals and rare earth elements are increasingly
important for industries including renewable energy, electronics,
advanced manufacturing and other high-technology sectors, making
access to financing and modern processing capabilities an important
component of resource development.
Following the meeting, TMK and EDB agreed to continue working on
the practical development of promising areas of cooperation and to
advance discussions on potential projects and financing
mechanisms.
