April 19, 2011 Tashkent, Uzbekistan – Beijing, China

Версия для печати

3nd of May, 2011

NATIONAL BANK OF UZBEKISTAN AND CHINA DEVELOPMENT BANK STRENGTHENING COOPERATION

National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and China Development Bank Corporation (CDB) has signed Memorandum of Understanding with the intention to further develop mutually beneficial collaboration between the two financial institutions.

NBU and CDB have signed the Memorandum on April 19, 2011 in Beijing, China, within the frameworks of the state visit of the President of Republic of Uzbekistan Islam Karimov to People's Republic of China at the invitation of his Chinese counterpart President Hu Jintao.

This Memorandum identifies priority directions for further development of long-term cooperation between the organizations.

In particular, the collaboration stipulates the possibility of financing projects in the total sum up to USD 500 mln. Those include trade financing of transactions between the Uzbek and Chinese companies, financing of potential projects in Free Industrial Economic Zone of Navoi, as well as financing of small and medium enterprise projects.

Within the frameworks of the signed Memorandum, NBU and CDB agreed to consider possibility of financing other investments projects, including foreign-origin aircrafts loan financing for Uzbekistan Airways National Air Company. It’s noteworthy to remember, that in 2010, under the project “Renovation and Unification of Aircraft Park of Uzbekistan Airways National Air Company”, NBU and CDB had already signed a loan agreement for purchasing Airbus А320-200 aircrafts.

The Parties also expressed their mutual interest in encouragement and organization of participation of interested CDB's investor-clients in realization of projects of NBU and its subsidiary investment companies NBU Invest Group and NBU Investment. This will also advance active cooperation of CDB with NBU and its subsidiary investment companies in the fields of technical assistance and experience exchange.

It stands to mention, that over the period of longstanding bilateral cooperation, NBU has financed numerous small and medium enterprise projects on account of the credit lines, which had been  repeatedly opened by CDB.