JSC National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and China Development Bank (CDB) signed a loan agreement on attracting a credit line for 500 million yuan at the XVIII Meeting of the Council of the Interbank Association of the Shanghai Cooperation Organization, in Tashkent.

The main advantages of this agreement, in addition to eliminating the costs associated with currency conversion when making mutual settlements, is also the further development of trade and economic relations between the two countries, which contributes to an increase in the supply of technological equipment, raw materials, as well as services from China for the subsequent production of locally produced goods with high added value.

The agreement will make it possible to practically continue the implementation of the agreements reached between the SCO IBA banks regarding the expansion of the use of national currencies in the SCO space.

NBU has established a long-term strategic partnership with the CDB, during which, over the past 5 years, 12 credit lines have been attracted for $1.6 billion. More than 650 small business and private entrepreneurship projects, as well as large investment projects, have been financed from these funds, which allowed to create more than 25,000 jobs in all regions of the country.

G. Khonnazarov, photo by N. Khaydarov, UzA