Uzbek bank, Swiss company sign co-op agreement

Business Materials 20 February 2019 16:28 (UTC +04:00)

Baku, Azerbaijan, February 20

By Fakhri Vakilov-Trend:

Uzbek bank Asaka and Swiss company SERV have concluded a cooperation agreement with a purpose to provide insurance coverage on finances attracted by the bank from foreign banks and international financial institutions, Trend reports via Uzbek media.

The agreement was reached during the visit of representatives of Uzbek Joint-Stock Commercial Bank “Asaka” to Switzerland, where they held meeting with the CEO of Swiss Export Credit Agency SERV - Peter Gisler on February 19, 2019 in Zurich.

Prospects for development of trade relations and economic cooperation between the Switzerland and Uzbekistan were discussed during this meeting. In particular, the planned deals on financing and insurance of projects involving the supply of technological equipment from Switzerland to Uzbekistan were discussed.

Swiss Export Risk Insurance SERV insures political and economic risks involved in exporting goods and services. The company insurance and guarantees protect Swiss exporters from default and facilitate export financing. SERV’s solutions also help companies obtain low-interest loans or higher credit limits in order to conserve cash when exporting goods and services.

SERV is an institution under public law that is owned by Switzerland. SERV is an economically viable organization and is self-financed, through risk-adjusted premium revenues.

SERV covers all Swiss exporters in medium-term and long-term projects related to the export of high technology, especially in the textile industry.


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