Baku, Azerbaijan, May 16
By Fikret Dolukhanov – Trend:
The National Bank of Uzbekistan and the China Export and Credit Insurance Corporation Sinosure signed a $400-million framework agreement on cooperation in Tashkent on May 15, the press service of the Uzbek bank stated on May 16.
The agreement stipulates provision of insurance coverage by Sinosure to contracts for supply of high-tech equipment produced in China to Uzbekistan in light industry, construction materials production, agriculture, including fruit and vegetable processing and other spheres.
Sinosure will provide insurance support to projects implemented by Chinese companies in Uzbekistan, financed through the National Bank of Uzbekistan.
The insurance coverage of Sinosure will help financing these supplies both from the financial institutions of China and other foreign banks. It will also provide an opportunity to reduce the interest rate for the recipients of loans.
China Export & Credit Insurance Corporation (Sinosure) is a state-owned insurance company in China, founded in 2001. The goal of Sinosure is to support the export of Chinese goods, as well as foreign investments of Chinese companies through the insurance of export credits and investments.
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