Tashkent, Uzbekistan (UzDaily.com) -- Rosselkhozbank (Russia) and Agrobank signed a cooperation agreement, which involves active interaction in the export of agricultural products between Russia and Uzbekistan, trade finance and interbank cooperation. This was reported by the press service of the Russian bank.

The agreement was signed by Kirill Levin, First Deputy Chairman of the Board of Rosselkhozbank, and Erkin Kahorov, Deputy Chairman of the Board of Agrobank.

The Russian bank noted that the document is aimed at establishing long-term partnerships, contributing to the implementation of joint projects aimed at supporting the export of agricultural products and other sectors of the economy of the Russian Federation and the Republic of Uzbekistan.

Also, the agreement is aimed at providing comprehensive assistance and exchange of experience on a wide range of issues of mutual interest.

The parties intend to actively interact in the area of trade finance, interbank cooperation, opening correspondent accounts for conducting money transfers and transactions between residents of Russia and Uzbekistan, conversion and derivative transactions within the NTPRo trading platform, and developing mutually beneficial cooperation on the introduction of new banking technologies.

“Export of agricultural products is included in the TOP-3 commodity groups supplied between Russia and Uzbekistan. We consider it important to provide stability and financial basis for export operations. In this regard, we agreed with Agrobank to finance export transactions from Russia to Uzbekistan within the limit set for Agrobank through trade finance products, where Agrobank will be the issuing bank for letters of credit and guarantees, which RSHB will confirm and provide post-financing / discounting”, - said Kirill Levin, First Deputy Chairman of the Management Board of Rosselkhozbank.

The parties also confirmed their interest in implementing similar transactions in order to support exports from the Republic of Uzbekistan (financing supplies of the textile industry, food and chemical industry).

“The export potential of the country's agro-industrial complex, as one of the key sectors of the republic's economy, is obvious given the growing demand for agricultural products, including in the Russian Federation. Our countries have a positive trend in mutual trade, requiring support for the increasing rates of financial transactions between counterparties, which is the focus of today's agreement between our banks. Under this agreement, we, together with Rosselkhozbank, expect to provide financial support for export operations between our clients. Also, this agreement sets the stage for active interaction in conducting operations in the capital markets. In addition, I would like to note that we consider Rosselkhozbank as a strategic partner with whom we expect to actively interact within the framework of measures for the digital transformation of our banks,” notes Erkin Kahorov, Deputy Chairman of the Board of JSCB Agrobank.

Another important area of cooperation will be the exchange of experience and knowledge between banks through the organization of seminars, conferences, business forums and other events. In December 2020 and January 2021, the Rosselkhozbank has already held training conferences for Agrobank "Export support for the agro-industrial complex", "Digital ecosystem, the platform" Own Farming "and" Farmer's School".