Tashkent, Uzbekistan (UzDaily.com) -- Qishlok Qurilish Bank and AK BARS (Russia) signed a framework agreement, the press service of the Uzbek bank said.

As part of the agreement, Qishlok Qurilish Bank received a credit line for trade financing operations in the amount of US$3.5 million for a period of up to 365 days.

Financing will be provided under the import and export contracts of the clients of Qishloq Qurilish Bank in US dollars, euros and Russian rubles.

Within the framework of financing transactions under import contracts, Russian producers should act as an exporter. In case, there is a need to finance import non-commodity contracts and subject to political and credit risks insured by EXIAR, the amount of financing can be increased to US$35 million.

In addition to trade financing, the establishment of correspondent relations between the Qishloq Qurilish Bank and the Russian financial institution is expected in the near future.