The 20th meeting of the Council of the SCO Interbank Consortium was held in Astana, Kazakhstan, on June 25, 2024.

It was attended by representatives of financial institutions of the SCO member states, including the India Infrastructure Finance Company, Development Bank of Kazakhstan, China Development Bank, Eldik Bank OJSC of the Kyrgyz Republic, Habib Bank Limited of Pakistan, Russian State Development Corporation VEB.RF, State Unitary Enterprise SB of the Republic of Tajikistan Amonatbonk, and the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU).

As part of the event, a loan agreement was signed between the NBU and the State Bank of Russia to attract a credit line from a foreign bank for 2 billion yuan.

This agreement will, first of all, provide an opportunity for the effective implementation of the tasks set by the President of the Republic of Uzbekistan to commercial banks at a meeting on May 20 this year regarding their participation in implementing investment projects in the country, which, in turn, will stimulate economic growth in the country.

The advantage of this credit line is the attractiveness of the financing interest rate and the use of national currencies in trade relations with China, which will reduce the costs associated with currency exchange and lead to an expansion of trade turnover.

UzA