Russian Development Bank to finance power plant upgrade in Uzbekistan

Baku, Azerbaijan, Oct. 3

By Fikret Dolukhanov – Trend:

The Bank for Development and Foreign Economic Affairs of Russia (Russian Development Bank - Vnesheconombank) is ready to consider possibility of financing a number of projects with participation of the National Energy Saving Company (NESC) of Uzbekistan and Russian companies, providing for modernization of power plants and pumping stations in the water management sphere, Uzbek media reported referring to the memorandum of cooperation signed between Vnesheconombank and NSEC.

The parties agreed on strategic partnership in financing supply of Russian high-tech products to Uzbekistan, carrying out work and providing services for implementing projects in the field of energy efficiency and energy conservation.

The sides noted that loans of Vnesheconombank will provide an opportunity to expand the company's financial instruments in implementing various types of energy services, which will undoubtedly have a beneficial effect on the energy efficiency measures at enterprises and organizations in Uzbekistan.

Russia is one of the leading trade and economic partners of Uzbekistan. The Central Asian state employs over 960 enterprises with participation of Russian capital and, according to experts of the Chamber of Commerce and Industry of Uzbekistan, their number will exceed 1,000 before the end of the year. Uzbekistan itself is also active in Russia, and it has already opened over 560 enterprises.

Uzbekistan is on the fourth place in terms of commodity turnover with Russia among the CIS countries. At the end of 2017, it amounted to $3.6 billion and increased by 33.9 percent.

In January-February 2018, trade turnover increased by 50.2 percent and reached almost $600 million. Russia's exports grew by 59.7 percent, and imports - by 28.1 percent. At the same time, the total volume of investments from Russia to Uzbekistan exceeded $8.5 billion.

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Follow the author on Twitter: @FDolukhanov

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