Tashkent, Uzbekistan (UzDaily.com) -- The National Bank of Uzbekistan for Foreign Economic Activity signed loan agreements with the State Development Corporation VEB.RF and Roseximbank to attract credit lines worth 4.8 billion Russian rubles.

On 25 December 2020, a working meeting of the delegation of the National Bank of Uzbekistan with the leadership of the State Development Corporation VEB.RF and Roseximbank took place in Moscow.

During the meeting, the results of cooperation of the current year were summed up, both within the framework of bilateral interbank cooperation and the SCO ICO, plans and opportunities for financing promising projects for the new year 2021 were discussed.

VEB.RF is a strategic partner of the National Bank of Uzbekistan in implementing a number of investment projects related to financing the supply of Russian high-tech equipment to the Republic of Uzbekistan, providing preferential subsidized financing under the program of the Ministry of Industry and Trade of Russia. The bank’s active participation in the development of trade and economic relations between Uzbekistan and Russia is giving positive results.

The result of this meeting was the signing of agreements on the opening of credit lines with the State Development Corporation VEB.RF and Roseximbank for a total of 4.8 billion rubles, on the terms of a subsidized preferential interest rate.

Within the framework of the attracted credit lines, it is envisaged to implement a project for the purchase of modern road special equipment in the amount of 581 units for the needs of the State Committee for Roads under the Ministry of Transport, the khokimiyat of Tashkent and 12 cities of the republic.

Currently, in Uzbekistan, special attention is paid to the issues of urban planning, the development of transport infrastructure, improving the quality of urban communications and the proper condition of the road system. This gives particular importance to the timeliness of attracting this credit line, and its effective development, by updating the fleet of specialized road equipment, will allow for the improvement of the capital of our republic and its central regions.

Along with this, for the first time, an agreement was signed between the National Bank of Uzbekistan and Roseximbank, which became an important stage in enhancing cooperation with this state specialized development institution, whose main task is to facilitate export operations of enterprises of the Russian Federation.

Fruitful cooperation of the National Bank with the largest banks of Russia, such as VEB.RF and Roseximbank, is an effective continuation of the course taken to expand the capabilities of the banking system of our republic in the development of new credit lines and the provision of high-quality services.

The attraction of credit lines of Russian financial institutions in rubles is a practical implementation of the agreements of the member banks of the Interbank Association of the Shanghai Cooperation Organization on Joint Approaches to the issue of expanding the use of national currencies in the SCO area.

The National Bank jointly in VEB.RF is implementing a number of investment projects, in particular, to date, 6 credit agreements have been concluded for a total amount of US$275 million and financed projects in the field of hydropower, thermal power, transport and urban infrastructure development.