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Uzbek Bank inks agreement on trade financing with EBRD

15 February 2019 17:58 (UTC+04:00)
Uzbek Bank inks agreement on trade financing with EBRD

By Abdul Kerimkhanov

Joint-stock innovative commercial bank "Ipak Yuli" and the European Development Bank signed an agreement on opening a line of trade financing worth $ 5 million on February 11.

This line will be aimed at financing external trade transactions for the purchase of goods and services.

Trade finance is the financing of clients' foreign trade operations by attracting guarantees or credit resources from international markets and is today considered one of the fastest growing types of banking business.

This line of trade financing will allow the Ipak Yuli Bank to expand its resource base and improve its reputation in the foreign market.

Documentary operations conducted by "Ipak Yuli" Bank help to reduce the risks of their clients when conducting foreign trade operations, increase cash flow, develop and strengthen solid trust relationships with foreign banks.

Ipak Yuli has been actively cooperating with the EBRD since 2001 and has the experience of an attracted credit line of $ 20 million.

The bank closely cooperates with international and foreign financial institutions in order to provide its clients with a wide choice of sources for financing promising projects.

The main mission of "Ipak Yuli" Bank is to professionally provide its customers with a wide range of banking services that meet the needs of their business, helping to strengthen the private entrepreneurship of Uzbekistan.

The strategic goal of the bank is to increase the value of the business while observing the optimal level of risks, ensuring transparency, stability and reliability.

Cooperation with international financial institutions is one of the priority strategic directions affecting the institutional development of the "Ipak Yuli" Bank, offering customers high-quality, often exclusive products, maintaining high standards of business conduct and transparency of the Bank's business reputation.

To date, the EBRD has invested €1.3 billion in 70 projects of the Uzbek economy.

Uzbekistan joined the EBRD on April 30, 1992. A representative office was opened in Tashkent in May 1993.

Uzbekistan and the EBRD signed a Memorandum of Understanding in 2017, which serves as an intermediate framework document for the implementation of projects in the country by raising funds from the Bank.

A new approach by the Uzbekistan authorities has allowed the EBRD to re-engage in the country, open a new Resident Office in Tashkent and prepare a new Country Strategy adopted by the Board of Directors in September 2018.

The document identifies the following operational and strategic priorities for the EBRD’s work in Uzbekistan: enhancement of competitiveness by strengthening the role of the private sector’s role in the economy, promotion of green energy and resource solutions across sectors, support increased regional and international cooperation and integration.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

Follow us on Twitter @AzerNewsAz

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