Russia's bank to allocate $100M to Tashkent Administration for roads
Baku, Azerbaijan, Oct. 20
Russian Vnesheconombank, its subsidiary VEB-Leasing and the Tashkent City Administration have signed a cooperation agreement, Podrobno.uz reported.
The document was signed as part of the state visit of Russian President Vladimir Putin to Uzbekistan.
"The parties intend to develop long-term, effective and mutually beneficial cooperation in financing road traffic management programs, modernizing urban transport and road facilities in Tashkent using Russian machines, equipment and digital technologies totaling up to $100 million," the Russian bank said in a statement.
The parties believe that the signing of the agreement is part of a large-scale agenda for the development of comprehensive and mutually beneficial cooperation between the Russian Federation and Uzbekistan.
The State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" (VEB) was established in 2007 on the basis of Vnesheconombank of the USSR. The objectives of the bank are to increase the competitiveness of Russian economy, and to diversify it, as well as stimulate investment activity.