An agreement on trade financing has been reached between Ipak Yuli Bank, German Commerzbank AG and Austrian Raiffeisen Zentralbank Oesterreich AG, UzReport.com reported.

The extension of trade financing to the Uzbek bank is intended to develop trade and economic relations between the countries.

According to the terms of the agreement, Commerzbank and Raiffeisen Zentralbank Oesterreich will appropriate 500,000 euros each for the opening of import letters of credit and guarantees. The total sum extended to Ipak Yuli Bank thus comprises 1 million euros.

Ipak Yuli Bank has supported correspondent relations with Commerzbank since March 2003, and with Raiffeisen Zentralbank Oesterreich since December 2004.