Uzbek bank developing ties with financial institutions of Russia
By Trend
In order to improve its services, the Uzbek Qishlok Qurilish Bank JSCB strives to develop bilateral relations with foreign financial institutions, including commercial banks of Russia, Gazeta.uz reported.
Thus, a framework agreement was signed in October with the Russian joint-stock commercial bank AK BARS Bank PJSC. Within the agreement, the Qishlok Qurilish Bank JSCB opened a credit line for trade financing in the amount of $3.5 million for a period of up to 365 days.
If there is a need to finance non-commodity import contracts, the amount of financing can be increased to $35 million subject to insurance of risks by the Russian Agency for Export Credit and Investment Insurance (EXIAR) JSC.
In addition to trade financing, the establishment of correspondent relations between the Qishlok Qurilish Bank and the Russian financial institution is expected in the near future.
Such cooperation will provide an opportunity to fully meet the emerging needs of customers for banking services, as well as to increase the bank’s incomes and the trade turnover between the two countries.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!