Tashkent, Uzbekistan (UzDaily.com) -- On 17 September 2020, during the visit of the delegation of the Russian Federation headed by the chairman of the State Development Corporation "VEB.RF" Igor Shuvalov, an agreement was signed between the National Bank of Uzbekistan (NBU) and VEB.RF to connect the National Bank to the system for the transmission of financial messages (SPFS) of the Bank of Russia.

SPFS is a specialized channel for transmitting electronic messages on financial transactions (analogous to the SWIFT system known in international banking practice) and guarantees proper work with Russian banks and other foreign correspondent banks connected to the system for international payments.

The advantage of connecting the National Bank of Uzbekistan to the SPFS will be the receipt of a channel corresponding to international standards, providing high speed of data transfer, protection of financial transactions, flexibility and efficiency in mutual settlements and exchange of information on interbank transactions.

Along with this, the system will create additional convenience in customer service, modernize settlement and payment processes on an innovative basis, reduce the costs of interbank communications and diversify opportunities for cooperation with foreign financial institutions.

VEB.RF is a strategic partner of the National Bank of Uzbekistan in the framework of the implementation of a number of investment projects related to financing the supply of Russian high-tech equipment to the Republic of Uzbekistan.

Within the framework of cooperation, to date, banks have concluded 4 loan agreements for a total of 188 million euros and are financing projects in the field of hydropower, heat power and transport.