German Berliner Sparkasse bank to support Uzbek agro sector with loan

Baku, Azerbaijan, July 27

By Fikret Dolukhanov – Trend:

The People's Bank of Uzbekistan (Xalq Bank) and the German Berliner Sparkasse bank (part of the Landesbank Berlin AG holding bank) have signed a loan agreement worth 30 million euros, the Uzbek company said.

According to the information, the loan funds provided to the Uzbek side will be used for development of agriculture in Uzbekistan.

In particular, loan funds can be used to import equipment for production of export-oriented products or purchase of pedigree cattle.

It was earlier reported that German Deutsche Bank AG will allocate a loan worth 500 million euros to the National Bank of Uzbekistan for financing of investment projects.

The loan will be provided in order to finance investment projects in various sectors of the economy, such as the energy sector, transportation, agriculture, medicine, petrochemicals, infrastructure, metallurgy, aviation and others.

The Joint Stock Commercial People's Bank of the Republic of Uzbekistan is one of the oldest banks in the country. The first savings bank in Uzbekistan was opened in 1875. Until 1995 the bank functioned as a branch of the Savings Bank of the USSR. In accordance with the government resolution of Oct. 4, 1995, Uzsberbank was transformed into the State-Commercial People's Bank.

On the basis of the decree of the president of Uzbekistan dated April 24, 2015, the name of the bank was changed to Joint Stock Commercial People’s Bank.

Germany is one of the most important partners of Uzbekistan in the European Union. In 2016, the volume of mutual trade exceeded $520 million. Over 100 enterprises with investments from Germany are operating in Uzbekistan. Over 40 German companies have representative offices in the country.

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Follow the author on Twitter: @FDolukhanov

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