The shareholders of the bank approved allocation of loan for US$17.647 million to finance contract between Uzbektelecom and Huawei Technologies CO.Ltd on supply of telecommunication equipment.

In line with the decision of the shareholders, the bank will also provide guarantees for US$10 million within the signed a loan agreement between Uzbektelecom and State Development Bank of China.

China’s Huawei Technologies will supply telecommunication equipment to Uzmobile, a branch of Uzbektelecom, worth US$117.6 million.

The contract will be financed due to loan of the State Development Bank of China for US$100 million and Aloqabank for US$17.6 million.

Huawei Technologies will supply equipment to Uzmobile, which currently is constructing its own GSM network in Uzbekistan.

President of Uzbekistan Islam Karimov signed a resolution “On measures on organization of activity of national operator of mobile communication” on 12 February 2014.

Uzbekistan creates national operator of mobile communication on the base of Uzmobile, a branch of the joint stock company “Uzbektelecom”. The operator will provide services on GSM standard, while continue to develop CDMA-450 network, which it created in 2004.

The operator will install 3,900 base stations and 4,000 sets of radio relay equipment with total number capacity of 8 million numbers.

The project, with the estimated cost of US$500 million, will be financed due to loan of the State Development Bank of China for US$100 million and the resources of the Uzbek side.