Vnesheconombank and National Bank for Foreign Economic Activity of the Republic of Uzbekistan to finance infrastructure projects in the Republic of Uzbekistan
Vnesheconombank and National Bank for Foreign Economic Activity of the Republic of Uzbekistan (Uznatsbank) signed a Memorandum of Cooperation.
On behalf of Vnesheconombank, the Memorandum was signed by Daniil Algulian, Vnesheconombank’s Senior Vice President and Head of International Business, Export and Financial Institutions, on behalf of Uznatsbank - by Nodirbek Saydullayev, First Deputy Chairman of the Board.
The parties agreed to consider joint financing of energy projects in the Republic of Uzbekistan. The projects involve deliveries of Russian hi-tech energy equipment.
Vnesheconombank explores the possibility of providing USD 250 million ten-year loan facilities to Uznatsbank to finance the above projects.
“VEB Group is ready to financially support infrastructure projects of the Republic of Uzbekistan that involve deliveries of Russian hi-tech equipment to further strengthen the trade and economic relations between the Russian Federation and the Republic of Uzbekistan”, said Daniil Algulian.
Vnesheconombank and National Bank for Foreign Economic Activity of the Republic of Uzbekistan have been cooperating since 2005 both on a bilateral basis and within the Shanghai Cooperation Organization Interbank Consortium.
National Bank for Foreign Economic Activity of the Republic of Uzbekistan was established in September 1991 by Order of the President of the country. Currently, Uznatsbank is the largest national bank in terms of assets that combines the functions of a project financier and a universal commercial, investment and savings bank. The Bank focuses on implementing the Uzbekistan government policy in the area of global economic relations, encouraging and promoting economic cooperation with other countries, unleashing the republican export potential, diversifying the structure of export and import of goods and services, fostering foreign economic activity, accumulating foreign currency assets and protecting currency interests. The Bank has undertaken a task to create a financial institution that would handle foreign trade transactions of Uzbek companies using global standards, unleash the country’s export potential, invite foreign investment and disruptive technologies to Uzbekistan’s economy. The Bank’s subsidiary, Asia-Invest Bank, operates in Moscow.
State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” is a national development bank and one of Russia’s largest financial institutions. Established in 1924, Vnesheconombank has been operating in compliance with the Special Federal Law “On the Bank for Development” since 2007. The Bank’s supreme governing body is the Supervisory Board headed by Chairman of the Russian Government Dmitry Medvedev. According to the VEB Strategy 2021, Vnesheconombank priority financing areas include high value added manufacturing, infrastructure, non-commodity exports, conversion of defence industries to civilian production, innovation and the National Technological Initiative (NTI) projects.
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