UzAuto Motors and the London branch of Credit Suisse AG signed an agreement on an international syndicated loan of up to €150 million, the press service of the company said.

Syndicated loan – is financing offered by a group of lenders—referred to as a syndicate—who work together to provide funds for a single borrower.

The money received under this agreement will be used to finance investment projects, modernize production lines and increase working capital.

All this, in turn, will allow UzAuto Motors to launch the production of new GM models.

The company participates in international syndicated lending for the first time. In August, Qishloq Qurilish Bank became the first bank in Uzbekistan to take such a loan.