TASHKENT, Uzbekistan, December 28. Uzbekistan’s Uzpromstroybank has signed an agreement with partners from Türkiye for a total amount of $130 million, Trend reports.
The documents were signed within the framework of the Uzbek-Turkish business forum and the meeting of the intergovernmental commission of Uzbekistan and Türkiye in Ankara.
In particular, Uzpromstroybank signed a cooperation agreement with the Turkish Eximbank to attract a credit line worth $60 million aimed at financing investment projects in Uzbekistan.
Moreover, within the framework of the business forum, an agreement was reached with the Turkish office of Citibank on cooperation for 2024, including attracting a credit line in the amount of $70 million.
The funds will be used to finance trade and investment projects of subjects in the field of medium and small businesses in Uzbekistan, implementation of new projects in construction and electrical engineering fields.
Earlier this month, the regional divisions of the Chamber of Commerce and Industry of Uzbekistan in Tashkent, Kashkadarya, and Navoi, as well as the Chamber of Commerce of the Turkish city of Sivas, signed a Memorandum of Understanding for the development of bilateral economic relations.
Prior to the signing ceremony, the parties discussed additional opportunities for the development of mutual trade and prospects for joint projects with Uzbekistan.
The latest data shows that, during the first four months of 2023, the bilateral trade between the two countries reached little over $1 billion.
In 2022, Türkiye's trade turnover with Uzbekistan amounted to $3.2 billion, which is a decrease of 5.4 percent compared to the figure for 2021 ($3.4 billion).