Tashkent, Uzbekistan (UzDaily.com) -- On 29-30 September this year, within the framework of the international economic forum "Uzbekistan: Results and prospects of economic reforms", held in Tashkent

National Bank for Foreign Economic Affairs of the Republic of Uzbekistan (NBU) and Sovcombank of Russia signed a general agreement on raising a credit line in the amount of US$50 million.

The general agreement provides for the attraction of a credit line of PJSC Sovcombank for a period of up to 7 years, at competitive and attractive financing conditions, without the provision of a state guarantee of the Republic of Uzbekistan and insurance coverage of export credit agencies.

The advantage of the credit line is the ability to finance investment projects and SME projects that provide for the purchase of goods, equipment and services not only from Russia, but also from other countries (European Union, Turkey, Italy, China).

The agreement signed with the Russian bank will serve as the basis for expanding strategic cooperation and partnership with the Russian Federation in the banking and financial area, as well as finance projects of new production enterprises and increase the design capacity of existing production, create new industrial zones and thereby increase the number of new workers. places.

During the cooperation, which began in 2020, the joint banking cooperation of the two banks expanded the boundaries of their activities: project and trade financing, financing of export-import operations, treasury operations.

The signing of a new General Agreement is a new step in the further, effective development of cooperation between banks of the Russian Federation and Uzbekistan.

The Economic Forum of Uzbekistan - 2021, was held at the initiative of the Ministry of Finance and the Ministry of Economic Development and Poverty Reduction of the Republic of Uzbekistan with the support of the World Bank and the International Finance Corporation, brought together more than 350 representatives of international and Uzbek business and financial circles, international financial institutions, government officials, representatives of non-state organizations and the media.

PJSC Sovcombank is a universal commercial bank, registered on 1 November 1990, with its head office in Kostroma. It belongs to systemically important banks and ranks 9th in terms of assets (US$21.2 billion) among Russian banks.