Eximbank Hungary to issue loan worth $50 million to Uzbekistan

Business Materials 23 September 2010 13:26 (UTC +04:00)

Uzbekistan, Tashkent, Sept.23 / Trend, D.Azizov /

Eximbank Hungary PTE Ltd. adopted decision to on allocation of $50 million loan to Uzbekistan.

President of Hungary Pal Schmitt announced about this during the meeting with the Uzbek President Islam Karimov at the UN headquarters.

The finance will be used to finance projects on equipping hospitals with medical equipment, introduction of energy saving technologies into infrastructure of the cities, reconstruction of clearing systems at oil processing plants and introduction of technology on processing of oil sludge.

Uzbek-Hungarian trade and economic relations are regulated by agreements on economic and trade relations and scientific-technical cooperation, on mutual protection of investments, avoidance of double taxation and other documents.

Ministry of Foreign Economic Relations, Investments and Trade of Uzbekistan cooperates with the Hungarian Agency on Development of trade and investment, and investment company "Eutoter Kft". Business forums are regularly held in Tashkent and Budapest to develop direct partnerships.

An investment agreement was signed between the Government of Uzbekistan and Omninvest Development KFT (Hungary) in 2009. Within the agreement, Hungarian company will invest US$100 million for construction of plant on production of vaccines and biological medicaments in Uzbekistan in 2010-2013.

Five enterprises with the Hungarian capital operate in Uzbekistan.

Trade turnover between Uzbekistan and Hungary in 2009 exceeded $26 million.