China State Bank has allocated a loan for National Bank of Uzbekistan
In the framework of the SCO (Shanghai Cooperation Organization) summit in Tashkent on June 10, 2010, the National Bank for Foreign Economic Activity of Uzbekistan (NBU) and the State Development Bank of China (SDBC), signed a loan agreement worth 75 million dollars.
According to the press office of NBU, the loan funds intended for financing projects of small businesses and private entrepreneurship, as well as investment projects in Uzbekistan.
Under the credit line, the minimum amount of sub-loans will be 100 thousand dollars, the share of supply of Chinese goods - not less than 50%. The credit line will be eight years, including three years of concessional lending.
State Development Bank, one of the largest state banks of China, is committed to loans from international financial organizations.
Cooperation between the NBU and SDBC began with signing in October 2005 a multilateral agreement on SCO Interbank Association. Its purpose was to develop the bilateral relations through the implementation of financial and credit and settlement operations in hard currency, finance investment projects (including energy and mining industries), and exports as well as the use of syndicated loans for investment projects.
In 2006, NBU and SDBC signed an agreement on the allocation of the Uzbek bank credit line to $ 20 million for financing projects of small business and private entrepreneurship.
In 2007, the parties signed an agreement for $ 60 million to finance large investment projects in Uzbekistan, as well as projects of small business and private entrepreneurship.
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