EBRD and Uzpromstroybank sign a number of agreements
Tashkent, Uzbekistan (UzDaily.com) -- During the visit of a delegation of the Republic of Uzbekistan to London (United Kingdom) on 21 March 2019, Uzpromstroybank (Uzbek Industrial and Construction Bank) and the European Bank for Reconstruction and Development (EBRD) signed several agreements.
The sides, in particular, inked an agreement on participation of Uzpromstroybank in the EBRD Trade Facilitation Program and an agreement on allocation of the revolving loan for Uzpromstroybank by EBRD.
The Trade Facilitation Program contributes to the development of international trade with and within the countries of operations of the bank, including Uzbekistan.
As part of this program, the EBRD will provide Uzpromstroybank with a revolving loan with a set limit of up to US$20 million.
At the same time, up to 50 percent of the amount of the established limit can be used in the form of cash advances to finance pre-export and post-import operations.
The credit line will provide the opportunity to finance small and medium-sized businesses, especially in rural areas of the country, and also allow Uzpromstroybank to support export-import transactions, increase correspondent banking services and expand its range of products to service foreign trade operations.