BAKU. Azerbaijan, Apr.6
Trend:
Russia’s Gazprombank, VEB.RF, the Agency for Export Credit and Investment Insurance (EXIAR) signed a multilateral agreement with Uzbekistan’s Ministry of Finance, the Ministry of Energy, Uztransgaz JSC on the intentions to consider the possibility of organizing a syndicated loan of up to $618 million to finance the modernization of gas transportation system of Uzbekistan, Trend reports citing Gazprombank.
“The parties will consider the possibility of a transaction based on PPP or project financing. At least 50 percent of the syndicated loan amount will be used to pay for export deliveries of Russian products and services in accordance with the requirements of VEB.RF and EXIAR,” the bank said.
Gazprombank has been financing projects in Uzbekistan since 2017, and this agreement is a continuation of the partnership with Uzbek companies.
“The document is aimed at supporting foreign trade operations and developing the international financial services market and was the result of effective cooperation with EXIAR to stimulate the supply of domestic products to foreign markets and strengthen the competitive position of Russian exporters,” commented Alexey Belous, Deputy Chairman of the Management Board of Gazprombank.