Tashkent, Uzbekistan, June 17
By Demir Azizov- Trend:
The Export-Import Bank of Korea and Uzbek National Bank for Foreign Economic Activity (NBU) signed an agreement to provide a loan to the Uzbek bank credit line in the amount of $100 million.
The credit line funds will be used to finance investment projects implemented by small businesses and private entrepreneurship, working in the sphere of agricultural products processing, production of consumer goods of food and non-food purposes, in the sphere of service and tourism, as well as in the development of modern industries localizing production of local raw materials.
The conditions under which the credit line is opened are not disclosed.
Korean Export-Import Bank and Uzbek NBU collaborate since 2000. The Korean bank has provided under its own bank guarantee over $150 million to NBU over this time, including a credit line in the amount of $20 million for pre-export financing for export supplies of Korean equipment to Uzbekistan, goods and services, $10 million - to finance bilateral export supplies.
In May 2009, Korea bank increased credit line by half up to $60 million opened by NBU in December 2007 for the implementation of investment projects in the field of trade finance.
In 2010, Korean Export-Import Bank and NBU signed a credit agreement for a credit line in the amount of $50 million for supporting financing the joint Uzbek-Korean projects implemented in the territory of the "Navoi" free economic industrial zone.
The Uzbek National Bank for Foreign Economic Activity with total assets in the amount of 11.3 trillion soums is the largest financial-credit institution of the republic. It was created in September 1991 as a government agent in international financial markets, currently acts as a universal commercial bank.
The bank's sole shareholder is the Cabinet of Ministers of Uzbekistan. The bank's structure is composed of 14 regional offices, 92 branches and subsidiary bank AsiaInvestBank in Moscow. The bank serves about three million individuals and businesses. Correspondent relations have been established with 650 foreign banks.
Official exchange rate on June 17 is 2308.39 soums / $1.
Edited by CN