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Uzbek National Bank signs deals worth about 1B euros with German banks

16 November 2017 13:28 (UTC+04:00)
Uzbek National Bank signs deals worth about 1B euros with German banks

By Kamila Aliyeva

Uzbekistan’s National Bank for Foreign Economic Activity has reached loan agreements with leading German banks in the amount of 950 million euros, the bank reported.

The agreements were signed during the visit of a governmental delegation of Uzbekistan led by Prime Minister Abdullah Aripov to Germany on November 14-17.

The Uzbek-German business forum was held in Munich on November 15, as part of which a package of agreements was signed with the leading financial institutions.

The largest agreement was signed with Deutsche Bank AG in the amount of 500 million euros aimed at supporting large-scale investment projects in Uzbekistan.

Agreements with Commerzbank AG worth 350 million euros and AKA Bank worth 100 million euros were also signed. The agreements provide for the financing of investment projects, as well as projects for small businesses and private entrepreneurship, according to the bank.

The signed loan agreements are considered ‘non-guaranteed’, as they do not require a government guarantee.

Earlier, the National Bank of Uzbekistan signed an agreement with the European Bank for Reconstruction and Development (EBRD) for the allocation of $100 million credit line to small business projects, Russian Gazprombank to finance investment projects worth $153 million, as well as with Turkish export credit Türk Eximbank worth $44 million.

The National Bank was established by the Decree of the first President of the country Islam Karimov in September 1991 and today it is the largest financial institution of the country.

Germany remains one of the main trade and economic partners of Uzbekistan in Europe. The mutual trade turnover between Germany and Uzbekistan for 2016 amounted to $520.1 million. Germany took the 7th place in the overall commodity turnover of Uzbekistan with other countries in 2016.

As many as 123 enterprises operate in Uzbekistan with the participation of German companies, capital and advanced technologies.

Large investment projects involving German banks are being implemented in various sectors of the economy. Investment projects for a total of more than 1 billion euros have been implemented in Uzbekistan jointly with German leading companies.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

Follow us on Twitter @AzerNewsAz

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