BAKU, Azerbaijan, Mar. 10
By Ilkin Seyfaddini - Trend:
China's major ICBC Standard Bank PLC and Uzpromstroybank of Uzbekistan signed a $100 million loan agreement to expand small and medium businesses financing, Trend reports citing the press service of Uzpromstroybank.
The signing of this agreement will be an important step in strengthening the relationship between Uzpromstroibank and ICBC Standard Bank PLC, and will also allow the bank to expand its product line.
Flexibility in financing requirements will make it possible to provide financing aimed at purchasing modern equipment and updating the technological base in production processes, as well as replenishing the raw material base of business entities as soon as possible.
"Uzbekistan's economy is growing rapidly, and we are actively participating in development of the country's financial market. We are pleased with our cooperation with Uzpromstroybank and continue to work together on new financial products", said Vladimir Huber, head of the Global Markets Department in Russia and Central Asia.
Expanding funding opportunities in local currency through integration of international financial mechanisms will further strengthen Uzpromstroybank's position in the local market, mainly in the business segment of small and medium businesses, where we see significant opportunities and advantages.
Follow author on Twitter: @seyfaddini