The loans of the business entities in foreign currency, up to $1 million, will be converted into national currency by Uzbek commercial banks.

A far larger number of bidders had been expected at the auction of the plant, a local landmark founded in 1882.

Gross domestic product (GDP) grew by 3.4 percent year-on-year in January-September backed by a 3.5 percent growth in the real sector, 2.9 percent growth in services.

The substation is expected to be commissioned in 2023.