The Fund for Reconstruction and Development of the Republic of Uzbekistan has signed an agreement with the Czech Export Bank on the support and development of the investment and financial cooperation between the two countries.

The agreement envisages the foreign bank’s participation in the joint financing of the investment projects in the basic industries of the Uzbek economy, assistance in project inspection and monitoring, as well as support of joint cooperation programmes, Prava Vostoka wrote.

The Fund’s new partner is a specialized state financial institution providing Czech and foreign companies long-term financing with the aim of supporting Czech exports, primarily the products of machine-engineering, oil and gas, electric technology and transportation.

The Fund for Reconstruction and Development of the Republic of Uzbekistan was founded through the Presidential Decree in 2006 for the purpose of implementation of the projects on modernization, and technological re-equipment of the leading, basic industries of the economy, projects aiming at the achievement of dynamic, stable and balanced socio-economic development of the country. One of the tasks of the Fund is to cooperate with foreign financial institutions in attracting additional investments in the Uzbek economy.