OREANDA-NEWS. September 14, 2010. Recently Uzbekistan celebrated the 19th anniversary of Independence. From the very first days of independence the National Bank of Uzbekistan for Foreign Economic Activities (NBU) has become a trustworthy point of rest for the government.

NBU was established by the Decree of the President Islam Karimov dated 7 September 1991. This was one of the first decrees after the declaration of Independence on 1 September 1991.

The bank was set such fundamentally new and responsible tasks on the creation of the world class financial institution that can contribute to increase of export potential of the country and attract foreign investments and leading technologies. For its 19 year history the bank experienced that being a leader is not only an honor but also a huge work and responsibility.

Guided by conservative, weighted policy, the bank developed optimal management mechanisms and effective growth strategy. This allowed the bank to come to the 19th anniversary of Independence with a stable reputation of a professional financial institution and a reliable partner to its clients.

NBU is the largest and leading bank of the country with charter fund of 721.2 billion soums and assets worth 5.7 trillion soums.

Currently, NBU has 90 branch offices in all regions of the country and support business relations with 600 largest financial institutions of 75 countries. To stimulate the attraction of foreign investments into Uzbek economy, the bank established two branch investment companies – NBU Invest Group and NBU Investment.

Recovery of economically insolvent enterprises of real sector of economy is one of primary directions of financial activity of NBU. Thus, the bank took 41 companies on its balance. To recover the production on economically insolvent enterprises the bank extended 35.3 billion soums. The enterprises manufactured products worth 75.6 billion soums, export products of USD28.6 million soums and created 5,656 new workplaces.

Financing policy of NBU resulted in such large investment projects as the construction of Bukhara pertroleum refinery and reconstruction of Ferghana petroleum refinery, financial leasing of Western production for Uzbekiston Havo Yullari, the purchase of agricultural equipment for Uzagromashservis and Uzprommashimpeks, etc.

During the second half 2009 and seven months 2010 the bank invested USD200 million to Uzbekiston Havo Yullari for the purchase of A320-200 airbuses. NBU plans to contribute to the purchase of ten more airbuses during 2011-2016.

Additionally, NBU started financing the purchase of 15 Chinese electric locomotives total worth of USD70.1 million for Uzbekiston Temir Yullari. The credit means of NBU worth 19 million Euros were also used for the purchase of two high-speed electric trains Talgo-250 (Spain).

Within the framework of projects with participation of foreign credit lines, the bank presently approved 237 projects total worth USD509.9 million, where the sum of credits comprises USD308.07 million. Starting the beginning of 2010, NBU accepted 57 projects worth USD27.19 million.

Moreover, the bank is carrying out crediting activity in national currency. For the first half 2010, the bank extended credits in national currency worth 184 billion soums, 2,700 microcredits worth 23.9 billion soums that promoted the creation of over 5,500 new workplaces.