Tashkent, Uzbekistan (UzDaily.com) -- Agrobank has signed a loan agreement with the State Development Bank of China (CDB) for US$40 million.

The signing ceremony was attended by the director of the working group of the State Development Bank of China in Uzbekistan, Mr. Feng Zhe, project manager of the State Development Bank Wang Shaonan, deputy chairman of the board of Agrobank Shukhrat Mirzavev.

The loan agreement envisages the support of relations between entrepreneurs of Uzbekistan and the People's Republic of China by providing long-term loans, ensuring the expansion of economic and trade relations, as well as investment activities of the two strategic partner countries, said Shukhrat Mirzaev.

The agreement concerns the provision of a credit line to finance projects involving Chinese suppliers and contractors. The purpose of this agreement is to promote the development of cooperation between Uzbek entrepreneurs and manufacturers of China through financing the purchase of high-tech equipment, goods and services from China.

The signing of an agreement on financial cooperation gives a new impetus to bilateral relations and the further development of trade and economic relations between the two countries, as well as providing an opportunity to attract credit resources on favorable terms, which creates new large investment opportunities in Uzbekistan.