Azernews.Az

By Kamila Aliyeva

The Uzbek National Bank for Foreign Economic Affairs signed a loan agreement for $ 250 million with the state-owned China Development Bank (CDB).

The signing took place in Beijing, on June 5, on the eve of the summit of the Shanghai Cooperation Organization (SCO), which will be held on June 9-10 in Qingdao.

The new loan agreement provides for financing of both large projects and small and medium-sized business projects that involve the supply of high-tech equipment to Uzbekistan, aimed at creating import-substituting and export-oriented industries.

The credit line of the bank is available to entrepreneurs of all regions of Uzbekistan.

This agreement became possible thanks to the long-term and mutually beneficial cooperation established between the two countries, which received a new impetus after the state visit of the Uzbek President Shavkat Mirziyoyev to China on May 11-13, 2017.

“During the period of joint cooperation since 2006, the National Bank has attracted 5 credit lines of the CDB, within the framework of which more than 450 projects in various sectors of the economy, that is tourism, pharmaceuticals, construction materials, textiles, agriculture, including deep processing of fruits and vegetables products, have been financed,” the Uzbek National Bank said.

China Development Bank provides various banking and financial products and services in the People’s Republic of China and internationally. The company operates through Banking, Equity Investment, Leasing, and Securities segments.

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

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