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ADB to keep on financing trade development projects in Uzbekistan

15 February 2018 13:20 (UTC+04:00)
ADB to keep on financing trade development projects in Uzbekistan

By Kamila Aliyeva

The Trade Finance Program of the Asian Development Bank (ADB) and Uzbekistan's Aloqabank have signed an agreement enabling cooperation to provide loans and facilitate the development of trade in Central Asian country.

The agreement was signed by Takeo Konishi, the head of the Asian Development Bank Resident Mission in Uzbekistan, and Aloqabank’s Deputy Chairman of the Board Hassan Rakhmatov in Tashkent.

“We are pleased to have established a partnership with Aloqabank to continue promoting trade development, in particular to support small and medium-sized businesses in Uzbekistan,” said Nana Kurodze, manager of the ADB’s Trade Finance Program for Uzbekistan.

ADB’s Trade Finance Program has been operating in Uzbekistan since 2010. Today, it has partnership agreement with five local banks. Within the program, 473 contracts, which contributed to the support of trade by more than $1.3 billion in Uzbekistan, have already been implemented.

Thanks to ADB's high credit rating, the trade finance program provides guarantees and loans to over 200 partner banks in the Asian region.

In addition, the program conducts regular seminars to increase knowledge and experience in the field of trade finance products and operations, risk management and prevention of fraudulent transactions.

Uzbekistan joined the ADB in August 1995. The ADB program in Uzbekistan has provided loans, grants and technical assistance to grow the country’s economy and improve the lives of people, particularly the poor, women, children and other vulnerable groups.

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

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