Sumitomo Mitsui to reserve $100 million for projects implemented by Uzbek and Japanese companies in FIEZ Navoi
Uzbekistan, Tashkent, Feb.11 / Trend D. Azizov /
The Japanese Sumitomo Mitsui Banking Corporation (SMBC) will reserve roughly $100 million to promote business opportunities for Uzbek and Japanese companies in the Navoi Industrial Free Trade Zone (FIEZ).
The Uzbek National Bank for Foreign Economic Activity and SMBC have already signed a memorandum of understanding on the further development of mutual beneficial cooperation between the two financial institutions.
The signed document determines the directions for developing joint cooperation between the organizations. In particular, the banks will cooperate in trade financing between the enterprises of Uzbekistan and Japan.
"Another important direction of cooperation is encouraging business opportunities between Uzbek and Japan companies at Navoi, as well as the possible allocation of funds by the SMBC for over $100 million," the bank said in a press release.
Another sphere of cooperation is to organize the participation of SMBC clients in the implementation of NBU projects and the projects of its subsidiary investment companies, such as NBU Invest Group and NBU Investment. The sides will also cooperate in technical assistance and exchange their experiences.
As a part of the cooperation between NBU and SMBC, the sides will pay special attention to projects to improve ecology, decrease greenhouse gas emissions and forge the sustainable development of Uzbekistan.
The sides also agreed to consider issues of developing cooperation on clearing operations in Japanese yen and payment business.
The Uzbek National Bank for Foreign Economic Activity was founded in September 1991 as a government agent in international financial markets and currently acts as a universal commercial bank.