National Bank of Uzbekistan for Foreign Economic Activities (NBU) held negotiations and signed agreement on trade finance with largest banks of Egypt – Egypt Bank, Cairo Bank and National Bank.
The Uzbek bank signed a general agreement on trade financing with Egypt Bank, which will open credit line for US$20 million. The Cairo Bank will allocate US$10 million to NBU.
The NBU said in press release that signed framework agreement on trade finance will assist bilateral development of relations and use of huge potential of two states, as well as create necessary tool on serving of trade operations between Uzbek and Egyptian companies.
The negotiations were carried out within business forum, which took place on 18 April in Egypt. Representatives of ministries and departments, chamber of commerce and industries, large companies, banking and finance institutions of two states took place in the forum.
The business forum was held within the official visit of the government of Uzbekistan led by the Uzbek President Islam Karimov to Egypt on 17-19 April.