Russia may invest 280 mln euros in Uzbekistan's hydropower projects

Business Materials 10 July 2019 16:09 (UTC +04:00)

Baku, Azerbaijan, July 10

By Fakhri Vakilov - Trend:

Russian State Development Corporation VEB.RF is considering the possibility of financing hydropower projects in Uzbekistan in the amount of up to 280 million euros, Trend reports with reference to the press service of the state corporation.

It is noted that VEB.RF and its subsidiary Russian Export Center have already provided support to exports of supplies from Russia to Uzbekistan in the amount of over 1 billion euros.

At the same time, 174 million euros will be provided under the new loan agreements of VEB.RF in the next three years to support the supply of Russian high-tech products to Uzbekistan. Among the projects is the supply of trains for the Tashkent metro and equipment for the power industry.

At the end of May 2019, in the framework of the visit of Russian Prime Minister Dmitry Medvedev to Uzbekistan, the loan agreement was signed between VEB.RF and National Bank of Uzbekistan on financing the project of supplying five trains for the Tashkent metro with a issuance limit of 22.14 million euro for a period of up to 10 years.

VEB.RF is a public corporation with a special status. It does not have a license; its activity is not governed by the provisions of the Bank of Russia, but by a separate federal law.

The Corporation performs a number of important local and international government tasks in the financial sector, coordinates and finances infrastructure projects, and manages investments in the resources of the Pension Fund of Russia and the National Wealth Fund. It is fully controlled by the Russian government.


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