Uzbekistan's National Bank for Foreign Economic Activity attracts loan of $100 mln from China' Eximbank

TASHKENT. June 29 (Interfax) - The National Bank for Foreign Economic Activity of Uzbekistan has signed a loan agreement with the Export-Import Bank of China for 700 million yuan [approximately $100 million, the Uzbek bank's Management Board Chairman Alisher Mirsoatov said.

"The National Bank for Foreign Economic Activity continues to bolster the position of the country's key financial institution in providing targeted financing in Chinese yuan. The amount of yuan-denominated credit lines attracted by the bank has already exceeded 11.5 billion yuan when taking into account the new agreement," Mirsoatov posted on social media.

Mirsoatov said that the funds raised would be allotted to support priority investment projects in Uzbekistan, purchase and import high-tech foreign equipment, and minimize and hedge currency risks for Uzbek companies in settlements with Chinese partners.

The National Bank for Foreign Economic Activity was established in September 1991. The bank's shareholders are the Ministry of Economy and Finance and the Fund for Reconstruction and Development of Uzbekistan.