Tashkent, Uzbekistan (UzDaily.com) -- The National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and Vnesheconombank (Russia) signed an agreement worth US$200 million.

The funds of the Russian bank will be used to finance the supply of equipment and services for implementation of strategic projects in Uzbekistan and implementation of joint projects in basic sectors of the economy, in the social sphere and in development of the infrastructure of the urban environment.

The agreement envisages attraction of credit resources at low interest rates to purchase of high-tech equipment.

In the course of the meeting, NBU expressed proposals to expand Vnesheconombank’s presence in the financial market of Uzbekistan and to participate in implementation of programs to modernize urban transport and road facilities in the city of Tashkent.

In order to practically implement this proposal, the parties identified a project for the supply of special utility and road equipment of Russian production for US$100 million on leasing terms, with the signing of a tripartite agreement between the Tashkent city administration, Vnesheconombank and a VEB-Leasing subsidiary.