Uzbek, S.Korean banks sign trade finance agreement
Baku, Azerbaijan, March 29
By Fakhri Vakilov – Trend:
Uzpromstroybank of Uzbekistan and South Korean Shinhan Bank signed a basic agreement on trade financing in the amount of $60 million, Trend via Uzbek media.
On March 28, Uzpromstroybank and Shinhan Bank signed a basic agreement on trade finance in the amount of $60 million in Seoul during the second meeting of the deputy prime ministers of Uzbekistan and Korea.
This line of trade finance will allow Uzpromstroybank to expand the resource base for financing projects involving the import of technological equipment and services from South Korea and other countries, as well as improve the Bank’s reputation in the foreign market.
Documentary operations carried out by the bank contribute to reducing the risks of their clients when conducting foreign trade operations, increasing cash flows, developing and strengthening solid trust relationships with foreign banks.
Trade finance is the financing of clients' foreign trade operations by attracting guarantees or credit resources from international markets and, currently, considered as one of the fastest growing types of banking business.
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