Tashkent, Uzbekistan (UzDaily.com) -- On 25 December 2018, Ipoteka-Bank and Gazprombank of Russia signed a framework agreement for the joint implementation of investment projects in key sectors of the country’s economy.

The agreement envisages cooperation of the parties on a wide range of issues, including the purpose of co-financing investment projects in the mining, chemical and metallurgical industries, the agricultural sector, the textile industry and construction. Currently, the amount of attracted investments in the equivalent is US$30 million.

The main objectives of the signing of this agreement are to promote the development of the metallurgical and mining industries, the introduction of new technologies, progressive ways and methods of organizing production, the creation of systemic and long-term incentives to improve the competitiveness of the above-mentioned sectors of the economy in the international market.

Also, the Parties express interest in jointly promoting and financing projects covering the transport, medical, housing and social infrastructure.

In the framework of cooperation, the Parties are considering the possibility of joint participation in the further development of operations for syndicated financing of projects and programs of mutual interest.

The cooperation of Ipoteka-Bank with Gazprombank is not limited to attracting credit resources, but also involves the exchange of experience between the parties. This will allow the experience of Russian financial institutions in trade finance issues, including pre-export and post-import financing of trade operations, the provision of guarantees, reimbursement obligations and other forms of trade financing, to be practiced and put into practice in the Ipoteka-Bank system.

Ipoteka-Bank with Gazprombank intend to further develop and implement mutually beneficial cooperation in many other areas.