Uzbekistan, Tashkent, June 11 / Trend D.Azizov /
The Uzbek National Bank for Foreign Economic Activity attracted a $75-million credit line from the Chinese State Development Bank (SDBC) to finance small-business and private-enterprise investment projects, the Uzbek bank reported.
The credit line has been opened without state guarantees. The loan agreement was signed in the framework of the Shanghai Cooperation Organization's (SCO) ongoing Tashkent summit. The loan have not yet been disclosed.
This is the third SDBC loan attracted by the bank. The bank received a $20-million credit line for nine years with a two-year grace period at an annual interest rate based on a +1.5-percent LIBOR rate in May 2006.
The SDBC opened to the Uzbek bank a $60-million foreign trade credit line to finance small-business and private-enterprise projects in August 2007. The loan was granted for 12 years, including a 2.5-year grace period under a +1.2-percent annual LIBOR rate.
The Uzbek National Bank for Foreign Economic Activity provides funding for small-business projects using credit lines from China's Eximbank and the Chinese State Development Bank, South Korea's Eximbank, the Pakistani National Bank, the Asian Development Bank, the International Finance Corporation, Deutsche Bank Development (KfW), the OPEC Fund, the Islamic Bank Development, and Malaysian, Egyptian and German banks.
The Uzbek National Bank for Foreign Economic Activity was founded in September 1991 as an state agent in international financial markets. Today the bank is a universal commercial bank, with aggregate assets accounting for 30 percent of the Uzbek banking system. The bank has roughly 100 branches and offices and the AsiaInvestBank subsidiary bank in Moscow. The bank serves 2.2 million physical and legal entities. Correspondent relations have been established with 630 foreign banks.
The official exchange rate is 1,585.55 soum to $1 June 11.