NBU and Sumitomo Mitsui Banking Corporation sign cooperation agreement worth US$100 million

Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan is implementing projects “Expansion of the backbone and multiservice data transmission network” and “Modernization of switching centers using IMS technology” in order to increase speed of Internet by at least 10 times and bring it to the level of the CIS countries by 2020.

Given that the main contractor for these projects is the Japanese company Toyota Tsusho Corporation, National Bank of Uzbekistan for Foreign Economic Activity (NBU) has worked out the financing of supplies from Japan.

In particular, on 4 December 2018, the head office of the NBU hosted a ceremony of signing a cooperation agreement with Sumitomo Mitsui Banking Corporation (SMBC) in the amount of US$100 million.

The agreement envisages expansion of mutual cooperation with the leading Japanese bank SMBC in the field of trade and project financing of high-tech equipment and services from Japan, as well as other countries where SMBC has global branch networks, under the insurance coverage of export credit agencies (ECA).

Another advantage of this agreement is the possibility for SMBC clients to participate in investment projects implemented in the Republic of Uzbekistan, in cooperation with the NBU.

The parties also reached an agreement on further development of operations on clearing and settlements in Japanese yens, on syndicated project financing and cooperation in the field of technical assistance and exchange of experience.

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