German office of Credit Institute for Economic Recovery to open in Uzbekistan

Uzbekistan Materials 2 October 2020 14:52 (UTC +04:00)
German office of Credit Institute for Economic Recovery to open in Uzbekistan

BAKU, Azerbaijan, Oct. 2

By Klavdiya Romakayeva - Trend:

The President of Uzbekistan approved an intergovernmental agreement between Uzbekistan and Germany on the creation of a local office of Kreditanstalt für Wiederaufbau (KfW, Credit Institute for Economic Recovery) in Tashkent, Trend reports referring to Norma information and legal portal.

The Ministry of Investment and Foreign Trade of Uzbekistan is the authorized body responsible for the implementation of the intergovernmental agreement. The Ministry of Foreign Affairs of the country will send Germany a notification on the implementation by Uzbekistan of domestic procedures necessary for the entry into force of an international treaty and on the responsible body.

The local office will be accredited as a representative office of a government organization for economic and technical cooperation of a foreign country.

After the entry into force of the agreement, the Cabinet of Ministers and the heads of the relevant ministries and departments will control the implementation of the obligations of the Uzbek side.

KfW is a banking group 80 percent owned by the federal government of Germany and 20 percent owned by the federal states, was created in 1948 to implement the Marshall Plan program of post-war reconstruction of Europe.

The group has subdivisions for international financing:

KfW IPEX-Bank which is responsible for international project and export financing;

DEG, a subsidiary of KfW, which finances and advises companies investing in developed and developing countries;

KfW Development Bank promotes financial cooperation projects around the world on behalf of the German government.


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