Uzbek bank to attract credit worth $50 million

Uzbekistan, Tashkent, Nov. 29 / Trend D.Azizov /

The Uzbek National Bank for Foreign Economic Activity (NBU) will draw a $50-million credit line in 2011 from the Qatar Islamic International to support the financing of joint projects implemented in the Navoi free industrial economic zone (FIEZ), the bank told Trend today.

The banks signed a memorandum of understanding on the credit line during Uzbek President Islam Karimov's recent official visit to Qatar.

This is the first credit line that the bank will draw from the Qatar Islamic International Bank. It is expected that a loan agreement will be signed in early 2011.

As previously reported, the NBU drew a $50-million credit line in May from the South Korean Eximbank to fund joint ventures with Soouth Korean companies and investment projects in the FIEZ.

Karimov signed a decree to create the FIEZ in December 2008. It will initially function for 30 years, although the term may be extended. During this period, special customs, currency and tax regimes, simplified entry and stay procedures, and reformed permits for foreigners will be in force in the zone. Tax preferences will be given to minimum investments of 3 million euro.

The NBU was founded in September 1991 as a government agent in international financial markets. Today, it acts as a universal commercial bank. The bank's share in the banking system's aggregate assets reaches roughly 30 percent.

The bank has approximately 100 branches and offices, and the subsidiary AsiaInvestBank in Moscow. The bank serves about 2.2 million physical and legal entities. Correspondent relations have been established with 630 foreign banks. The NBU'S correspondent network covers 653 banks, including 625 foreign banks in 72 countries and 28 banks in Uzbekistan.

The banks' total assets grew by 14.3 percent last year to 4.572 trillion soum. Its loan portfolio grew by 5.2 percent to 2.335 trillion soum. Its capital grew by 11.8 percent to 670.2 trillion soum.

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