BAKU, Azerbaijan, Oct. 2
By Klavdiya Romakayeva - Trend:
Asia-Invest Bank JSC and Uzeltekhsanoat agreed to open a credit line for Russian enterprises which are dealers/distributors of products of Uzbekistan’s Artel Group, Trend reports citing UzA.uz.
Asia-Invest Bank JSC is a subsidiary bank of National Bank for Foreign Economic Affairs of Uzbekistan in Russia JSC, actively financing Russian enterprises importing textile and fruit and vegetable products from Uzbekistan to federal and regional trade networks of Russia.
In addition to traditional industries, products of the Uzeltekhsanoat Association are entering foreign markets, which have a high added value, uniting manufacturers of cable and wire products, electrical household appliances and electric power equipment.
The result of cooperation between Asia-Invest Bank and Uzeltekhsanoat was the beginning of financing of Russian enterprises importing household and electrical appliances into Russia. The parties reached an agreement on opening a credit line to Russian enterprises which are dealers/distributors of products of Artel Group in Uzbekistan.
In September 2020, the Bank opened a credit line to the Artel-Rus LLC Russian distributor of Artel products, which will allow the company to increase the supply of household products to $10 million by the end of 2020.
An increase in the volume of exports of Artel and other Uzeltekhsanoat enterprises to the Russian market, using the financial instruments of Asia-Invest Bank JSC, will become an important driver for the development of the industry with the prospect of a rapid growth in mutual trade and strengthening international cooperation between the two states in one of the most technological and advanced directions of the economy of Uzbekistan.
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