Tashkent, Uzbekistan (UzDaily.com) – Uzpromstroybank (Uzbek Industrial and Construction Bank) signed a loan agreement to attract a credit line of the ICBC Standard Bank PLC in the equivalent of US$100 million.

The agreement was concluded with the aim of expanding the possibilities of providing financing in national currency from Uzpromstroybank to small and medium-sized businesses that are the engines of economic growth.

ICBC Standard Bank PLC is part of the Chinese banking group ICBC, the largest public financial group in the world, listed on the Shanghai and Hong Kong stock exchanges. ICBC is represented on six continents, with an extensive network of branches in 48 countries and regions. ICBC provides a full range of financial products and services to more than seven million corporate customers and more than 600 million private customers through various sales channels.

The signing of this agreement will be an important step in strengthening relations between Uzpromstroybank and ICBC Standard Bank PLC, and will also expand the bank’s product line. Flexibility in the requirements for financing will make it possible to provide financing as soon as possible aimed at acquiring modern equipment and updating the technological base in production processes, as well as replenishing the raw materials base of business entities.”

“The economy of Uzbekistan is growing rapidly, and we are actively involved in the development of the country’s financial market. We are pleased with our cooperation with Uzpromstroybank and continue to work together on new financial products,” commented Vladimir Huber, head of the Global Markets Department in Russia and Central Asia.

Expanding financing opportunities in national currency through the integration of international financial mechanisms, including those attracted by CBC Standard Bank PLC, will further strengthen Uzpromstroybank’s position in the local market, mainly in the small and medium-sized business segment, where we see significant opportunities and advantages.