Interfax
December 4

The Turkish company Emsas Insaat Turizm Ticaret AS (Emsas) and the national company Uzbektourism have set up a joint venture to reconstruct the Chorsu Hotel at a cost of $22 million, a source in Uzbektourism told Interfax.

The joint venture has been set up with a charter capital of $10 million with 70% participation by the Turkish side and 30% - by the Uzbek side. The project will be financed from the venture's capital and using a credit from Turkey's Ex-Im Bank for $12.9 million.

Uzbektourism contributed the Chorsu hotel, located in Tashkent, to the charter capital of the joint venture, and the Turkish company - equipment and cash.

The source noted that Emsas has promised to buy the share of the Uzbek side in the joint venture, worth $3 million, within five years after the completion of the reconstruction.

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