OREANDA-NEWS. August 20, 2007. In the course of the meeting of the Shanghai Cooperation Organization (SCO) Interbank Consortium timed to coincide with the SCO summit, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and the Uzbekistan National Bank for Foreign Economic Affairs entered into an Agreement on Cooperation in Bishkek.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and Uzbekistan National Bank for Foreign Economic Affairs Management Board Director Saidakhmat Rakhimov.

The Agreement aims to encourage all-round and long-term cooperation and strategic partnership in Russian, Uzbek and international markets.

Under the Agreement the two sides intend to optimize currency, financial, credit and payment transactions in hard currency to assist in funding investment projects, among other things, in power engineering and mining industries

The Agreement aims to further promote cooperation in financing investment projects including project financing to encourage the development of the two countries’ export sectors. As to extending credits, top priority will be given to customers participating in Russian-Uzbek goods turnover and producing export goods. 

The two sides are determined to explore opportunities for extending and raising syndicated loans to finance project of mutual interest through establishing banking consortiums and other interbank associations.