NBU and Bank of China sign an agreement to structure 1 billion yuan in financing

On May 6, 2026, as part of the official visit of the delegation of the Republic of Uzbekistan, led by Prime Minister Abdulla Aripov, to the Hong Kong Special Administrative Region, the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and Bank of China signed an agreement to arrange syndicated financing in Chinese yuan totaling 1 billion (equivalent to $145 million).

The signing took place on the sidelines of the first Uzbekistan – China Economic Forum in Hong Kong, which brought together representatives from government agencies, financial institutions, and business circles in both countries. NBU became the first commercial bank in Uzbekistan to reach agreements with the Bank of China to structure a credit line in Chinese yuan.

The agreements reached reflect a strong interest in using the Chinese yuan for cross-border financing and strengthen the NBU’s position in working with alternative liquidity sources. For NBU, this means expanding funding sources in China’s national currency and developing instruments to finance investment and infrastructure projects.

NBU has consistently expanded its cooperation with Chinese financial institutions. To date, the total volume of credit lines in Chinese yuan that the bank has attracted from partners in China has exceeded 11.5 billion yuan, equivalent to $1.6 billion. This provides a solid foundation for expanding yuan-denominated operations and for increasing the role of alternative currencies in project financing.

The signing of the agreement comes amid deepening economic cooperation between the Republic of Uzbekistan and the People’s Republic of China. China remains Uzbekistan’s largest trade and economic partner: by the end of 2025, bilateral trade had increased by 34 percent and exceeded $17 billion. The sides are focused on increasing trade turnover to $20 billion in the near future, while investment cooperation continues to show steady momentum, with the total volume of Chinese investment in Uzbekistan’s economy reaching $15.8 billion by the end of 2025.

The agreement also aligns with the objectives of the State Investment Program for 2026, under which NBU has been tasked with attracting $1.5 billion in financing from international financial institutions. In this context, cooperation with the Bank of China is considered a key instrument for diversifying funding sources.

The signing of the agreement with Bank of China reflects a high level of confidence on the part of one of the world’s largest financial institutions in the economic reforms being implemented under the leadership of the President of the Republic of Uzbekistan Shavkat Mirziyoyev. An additional confirmation of the stability of macroeconomic policy was the 2025 upgrade of the country’s sovereign credit rating by international rating agencies Fitch Ratings and S&P Global Ratings from “BB-” to “BB.” NBU’s credit rating was also upgraded to the sovereign level, reflecting the bank’s stable financial position and strong confidence among international investors.

UzA