Azernews.Az

By Kamila Aliyeva

The National Bank of Uzbekistan has concluded an agreement with German Deutsche Bank AG on the financing of investment projects worth 500 million euros, Podrobno.uz reported.

This agreement provides for the allocation of a credit line for financing investment projects in various sectors of the economy, such as energy, transport, agriculture, medicine, petrochemicals, infrastructure, metallurgy, aviation and others.

“The uniqueness of the agreement is that it will provide long-term financing for the import of equipment and technologies from different countries, including the U.S., China, Korea, Japan, Germany, France, Italy and Spain,” the National Bank said.

Previously, the National Bank has already concluded loan agreements with leading German banks for a total of 950 million euros. 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.

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.

---

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

Follow us on Twitter @AzerNewsAz