The National Bank for Foreign Economic Activity of Uzbekistan (NBU) and PJSC Sovcombank of Russia signed a General Agreement to attract a credit line for $50 million.

The document was signed within the framework of the International Economic Forum on “Uzbekistan: Achievements of Economic Reforms and Outlines” held in Tashkent on 29-30 September this year.

The General Agreement provides for the attraction of a credit line from PJSC Sovcombank for a period of up to 7 years, on competitive and attractive financing terms, without the provision of a state guarantee of the Republic of Uzbekistan and insurance coverage of export credit agencies.

The advantage of the credit line is the ability to finance investment projects and SME projects that provide for the purchase of goods, equipment and services not only from Russia, but also from other countries (European Union, Turkey, Italy, China).

The agreement will serve as the basis for enhancing strategic cooperation and partnership with Russia in the banking and financial area, as well as finance projects of new production enterprises and increase the design capacity of existing production, create new industrial zones and thereby increase the number of new workplaces.

The signing of a new General Agreement is a new step in the further, effective development of cooperation between banks of Russia and Uzbekistan.

Uzbekistan Economic Forum 2021 was held at the initiative of the Ministry of Finance and the Ministry of Economic Development and Poverty Reduction of the Republic of Uzbekistan with the support of the World Bank and the International Finance Corporation. The event brought together more than 350 representatives of international and Uzbekistan business and financial circles, international financial institutions, government officials, representatives of non-state organizations and the media.

PJSC Sovcombank is a universal commercial bank registered on November 1, 1990, with its Head Office in Kostroma. It belongs to systemically important banks and ranks 9th in terms of assets ($21.2 billion) among Russian banks.

UzA