Baku, Azerbaijan, March 25
By Fakhri Vakilov - Trend:
In order to strengthen economic relations between Uzbekistan and Hungary, the bank is open to cooperate with Uzbek banks within the framework of interbank buyer’s credits or credit lines, the Hungarian Exim Bank told Trend in an interview.
Exim Bank stated that the bank as a member of the integrated system of institutions of the Hungarian foreign economic diplomacy – is following the Foreign Economic Strategy of Hungary. One of the key elements of this strategy is the policy of “Opening to the East”, which focuses on creating new economic ties between Hungary and the fast developing countries of Asia.
Uzbekistan is a country in which Hungarian economic diplomacy is keen to support the development of economic cooperation and Exim Bank is ready to provide financing solutions for both Uzbek and Hungarian companies in accordance with the above mentioned strategy, said the bank.
Exim Bank also stressed that it is ready to grant financing and/or credit insurance with the aim of financing Uzbek buyers if their purchases of goods and services are from Hungarian exporters. Presently, there is one interbank credit line agreement in place with Hamkorbank, which is one of the largest privately owned banks in Uzbekistan.
Exim Bank underlined that in case of Uzbek companies, banks and sovereign and sub-sovereign entities which request financing from Exim Bank, should bear in mind that the financed export deals and the financing itself must comply with the Hungarian legislation as well as the regulations of international organizations that Hungary is a member of.
It should also be noted that one of the basic regulations that is followed by Exim is the OECD Arrangement on Officially Supported Export Credits – this transparently defines the main minimum conditions of the officially supported export credits, said the bank.
Exim Bank has no sectoral preferences or limitations with respect to the activity of the exporter and/or the foreign importer in case of providing support, however Exim Bank is unable to provide financing for the export of military goods.
Furthermore, Exim Bank noted that the bank is an investor in some specifically established investment funds. With these kinds of investments Exim’s goal is to boost the activity of the investment funds, which results in the improvement of international competitiveness of the country as the Hungarian exporting companies and projects not only have access to financing but capital as well.
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