National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and China Development Bank Corporation (CDB) signed Memorandum of Understanding with the intention to further develop mutually beneficial collaboration between the two financial institutions.

The memorandum identifies priority directions for further development of long-term cooperation between the organizations.

In particular, the document envisages possibility of financing of projects for US$500 million. Among projects are trade financing of transactions between the Uzbek and Chinese companies, financing of potential projects in Navoi Free Industrial and Economic Zone, as well as financing of small and medium enterprise projects.

Within the frameworks of the signed Memorandum, NBU and CDB agreed to consider possibility of financing investments projects on purchase foreign-made aircrafts by Uzbekistan Havo Yollari.

It’s worth to note that in 2010, under the project “Renovation and Unification of Aircraft Park of Uzbekistan Airways National Air Company”, NBU and CDB had already signed a loan agreement for purchasing Airbus А320 aircrafts.

The sides also expressed their mutual interest in encouragement and organization of participation of interested CDB's investor-clients in realization of projects of NBU and its subsidiary investment companies – NBU Invest Group and NBU Investment. This will also advance active cooperation of CDB with NBU and its subsidiary investment companies in the fields of technical assistance and experience exchange.

Uzbekistan Havo Yollari ordered ten A320 airplanes, four Boeing 767-300ER and two Boeing 787-800 aircrafts. The airline received six A320 liners and four more will be received this year.