China's investment giant has stake in Uzbek rail projects

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Last updated at: (Beijing Time) Thursday, September 25, 2003

China's investment giant has stake in Uzbek rail projects

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China International Trust Investment Corporation (CITIC) Group will participate in several railway and subway construction projects in Uzbekistan, the Chinese investment financial giant announced Wednesday in Beijing.

A CITIC source said the group would engage in subway construction projects III and IV in Tashkent, capital of Uzbekistan, which had been listed as key projects on the group's working agenda.

The CITIC Group would fund 90 percent of the contacted value of project IV, said the source, adding that the Uzbek government would conduct the final feasibility study of the project at the end of this year.

The cooperation with the CITIC Group on the subway projects had been included in the Uzbek government plan of "promoting economic cooperation with China."

The Uzbek government also expressed the wish to invite the CITIC Group into subway project III, which had been severely delayed for more than two years due to the lack of funding, the source added.

The CITIC Group would also be involved in the electrification of a 140-km railway in southern Uzbekistan. The group would dispatch an expert party to investigate the local conditions soon, the source disclosed.

During his stay in Beijing, Uzbek Prime Minister Utkur Sultanovhad a work meeting with Wang Jun, president of the CITIC Group. They exchanged views on economic cooperation in railway, chemical,energy and other fields, especially in the Tashkent subway projectand an electric locomotive project.

Sultanov left here earlier Wednesday after attending the consultation of prime ministers of the Shanghai Cooperation Organization.

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