Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev approved an intergovernmental agreement between Uzbekistan and Germany on the creation of a local bureau of the Credit Institute for Economic Recovery (KfW) in Tashkent.

The head of Uzbekistan signed a resolution on the approval of an international treaty on September 29, 2020.

The intergovernmental agreement was signed on 24 December 2019 in Tashkent.

The Ministry of Investment and Foreign Trade has been designated as the authorized body responsible for the implementation of the agreement.

The KfW Development Bank, a member of the KfW Bankengruppe financial group, is responsible for financial cooperation with partner countries. On behalf of the Federal Government, the KfW Development Bank finances investments and related advisory services and skills development activities in developing countries and countries with economies in transition to support sustainable economic development, social infrastructure and environmental protection measures.

On behalf of the Federal Government, KfW is developing cooperation with Uzbekistan. The volume of funding since 1993 amounted to 268.5 million euros.