BAKU, Azerbaijan, Dec. 17
By Fakhri Vakilov-Trend:
In the framework of the Uzbek-Japanese business forum in Tokyo, a cooperation agreement was signed between the National Bank for Foreign Economic Affairs of Uzbekistan (NBU) and one of the largest Japanese banking and financial conglomerates Sumitomo Mitsui Financial Group (SFMG) for a total of $200 million, Trend reports citing NBU press service.
The main advantages of this agreement are more flexible, optimized and favorable financing conditions in Japanese yen; presence of insurance coverage of export credit agencies, including the Japanese insurance agency NEXI, which does not require the provision of a state guarantee; and the possibility of financing investment projects, deliveries of high-tech equipment and services not only from Japan, but also from other countries of the world, where there is an extensive network of SMFG units.
To date, NBU has already compiled a list of projects totaling $157.9 million, and the signed cooperation agreement will contribute to the timely implementation of these projects, which will increase Uzbekistan's export volume by more than $80 million.
Moreover, the agreement provides for new opportunities for expanding cooperation, taking into account the SMFG's coverage of various areas of financial activity including banking, insurance, leasing, asset management, securities transactions and issuance of Eurobonds.
The document also assumes that the investment company SMBC Nikko will provide consulting services in the process of NBU entering the international capital market.
Sumitomo Mitsui Financial Group is a large Japanese banking corporation, founded in December 2002 by Sumitomo Mitsui Banking Corporation, the second largest bank in Japan. The total capital of SMFG is the equivalent of $104.3 billion, assets - $1.94 trillion.
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