Vnesheconombank and NBU sign memorandum of cooperation

Tashkent, Uzbekistan ( -- State corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) concluded a memorandum of cooperation.

For Vnesheconombank, the memorandum was signed by its Chairman Sergey Gorkov, for NBU – by NBU’s Chairman of the Board Sukhrob Holmuradov.

The financial institutions agreed to estimate the prospects of joint participation in the implementation of investment projects, including infrastructure, manufacturing, high technology and export projects.

The banks are prepared to consider the allocation of up to US$500 million or equivalent in other currencies to finance the above projects. The term of funding is to be determined on a case-by-case basis, but will not exceed 15 years.

Additionally, VEB and NBU will elaborate jointly on, and effect, trade finance transactions, including transactions in national currencies, to promote trade and economic relations between Russia and Uzbekistan. The memorandum also provides for collaboration on financial markets and promotion of best practices in banking technologies and services.

In order to effectively develop the areas of cooperation, Vnesheconombank and National Bank for Foreign Economic Activity of Uzbekistan agreed to attract debt financing through syndicated loans or otherwise and arrange for transactions with derivatives for hedging the risks, assist with technical, financial and economic due diligence and provide credit advisory services for joint projects.

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