Russia considers investing in Uzbekistan’s export projects

Finance Materials 17 September 2020 16:40
Russia considers investing in Uzbekistan’s export projects

BAKU, Azerbaijan, Sept. 17

By Klavdiya Romakayeva - Trend:

The Russian Export Center (REC) considers financing 19 projects in Uzbekistan for a total of 542 billion rubles ($7.2 billion), Trend reports referring to the press service of Russian Bank for Development and Foreign Economic Affairs (VEB.RF).

In Uzbekistan, with the participation of VEB.RF and the Russian Export Center, 15 projects are being implemented with a total cost of 63 billion rubles ($841 million), and 19 more projects worth 542 billion rubles ($7.2 billion) are under consideration

Earlier, Deputy Prime Minister, Minister of Investments and Foreign Trade of Uzbekistan, Sardor Umurzakov, and Deputy Prime Minister of the Russian Federation, Alexei Overchuk, discussed the implementation of 104 investment projects in the field of industrial cooperation for a total of $5.8 billion, aimed at the production of high value-added products in the territories of both countries, are currently at the stage of development.

It was noted that in just eight months of this year, 209 Uzbek-Russian enterprises have been created in Uzbekistan, and in total 2,000 enterprises with the participation of Russian capital operate in Uzbekistan.

VEB.RF Group actively participates in the development of economic relations between the two countries. In 2019-2020, transactions were successfully implemented for the supply of Russian cars for the Tashkent metro, equipment for the electric power industry. In May 2020, within the framework of a loan agreement with the National Bank, financing was opened for a project for the supply of mainline freight electric locomotives manufactured by Transmashholding to Uzbekistan.

“Uzbekistan is one of the largest partners in export projects. We are developing multifaceted cooperation, including through the SCO Interbank Consortium. The purpose of our business mission is to identify the points of development of the economies of both countries in the post-pandemic period, said the chairman of VEB.RF Igor Shuvalov.


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