Tashkent, Uzbekistan (UzDaily.com) -- The State Development Bank of China (CDB) has repeatedly provided credit lines over the period of many years of cooperation, through which the NBU funded more than 460 small business and private entrepreneurship projects, including 6 credit lines disbursed for a total amount of US$655 million.

In order to continue strengthening mutually beneficial cooperation on 26 August 2019, within the framework of the 5th meeting of the Uzbek-Chinese international cooperation commission, an agreement in the amount of US$309 million was signed between the NBU and the CDB on a project to upgrade the aircraft fleet of Uzbekistan Havo Yollari (Uzbekistan Airways).

The selection of the CDB as the main financing bank for this project is due to the provision of the most favorable financing conditions, providing for the provision of a grace period for delivery payments, without the use of export insurance agencies, which prevents the cost of resources.

The renewal of the Uzbekistan Havo Yollari fleet is aimed at expanding the country's tourism potential, improving the quality of services provided and increasing the airline's passenger flow.

The advantages of cooperation with the CDB are many years of experience in cooperation, favorable financing conditions and the efficiency of the documents under consideration.

The signed agreement gives a powerful impetus to the further development of trade and economic relations between the two countries and will allow attracting credit resources on favorable conditions not only in the field of small and private entrepreneurship, but also for financing large strategic investment projects in all areas of the economy of Uzbekistan and is an indicator of strengthening partnerships and development of mutually beneficial cooperation between financial institutions.