Tashkent, Uzbekistan (UzDaily.com) -- Uzpromstroybank, Russian Export Center JSC (REC), Tashkent Metallurgical Plant LLC and AsakaBank signed an agreement on strategic cooperation within the framework of the forum of interregional cooperation between the Republic of Uzbekistan and the Russian Federation in the framework of financing the project “Construction of the Tashkent Metallurgical Plant”, which is of strategic importance for the economy of the Republic of Uzbekistan.

The purpose of this Agreement is to promote the development of long-term and mutually beneficial cooperation of the Parties and the priority areas of interaction for the effective implementation of the Project.

The agreement envisages assistance from the REC to provide insurance coverage for EXIAR JSC to Russian commercial banks financing the Project in the total amount of 141.56 million euros, as well as to consider the issue of subsidizing the interest rate on export credits.

In August of 2018, Uzpromstroybank, Asakabank and the State Specialized Russian Export-Import Bank (Roseximbank) signed a loan agreements totaling 141.56 million euros for the syndicated lending by domestic banks of the project to build the Tashkent metallurgical plant.

Earlier, Uzpromstroybank and Sberbank signed a memorandum of understanding, which identifies priority areas for cooperation in areas such as cooperation in international debt markets, in the field of other investment banking operations, trade and export financing, international payments, exchange of experience, training and professional development.