Uzbek Qishloq Qurilish Bank, Russian AK BARS Bank ink deal
Baku, Azerbaijan, Nov. 6
Uzbekistan's Qishloq Qurilish Bank and Russia's AK BARS Bank signed a framework agreement, Uzbek media reported referring to the press service of the Uzbek bank.
According to the agreement, Qishloq Qurilish Bank opened a credit line for trade financing operations in the amount of $3.5 million for a period of up to 365 days.
Financing will be provided under the import and export contracts of the clients of Qishloq Qurilish Bank in US dollars, euros and Russian rubles.
The financing will be provided for import contracts by Russian exporters. The credit volume may be increased to $35 million if the financing is provided for non-commodity import contracts and in case if political and credit risks are insured by the Russian Agency for Export Credit and Investment Insurance (EXIAR).
In addition to the trade finance, the two banks are planning to establish correspondent relations in the near future.