Indian bank to provide Uzbek bank with credit line worth $2 billion
Uzbekistan, Tashkent, June 22 / Trend D. Azizov /
The Indian Export-Import Bank will provide a long term credit line of $2 billion to the Uzbek National Bank for Foreign Economic Activity (the largest bank in the country), according to a decree of the Cabinet of Ministers made during the visit of President Karimov to India in May this year.
It was reported that the total cost of the economic package, signed during the state visit of Uzbek President Islam Karimov to India on May 17-18, was about $2.3 billion.
The agreement for the long term credit line was signed and finalized between the Uzbek bank and Indian Eximbank.
According to the decree, funds will be drawn in 2011-2015 for major priority sector investment projects in Uzbekistan.
The official exchange rate is 1.711.05 soums per $1.