BAKU, Azerbaijan, May 18
By Ilkin Seyfaddini - Trend:
JSC National Bank for Foreign Economic Activity of Uzbekistan (NBU) has provided funds for delivery of five modern electric locomotives of Russian production to Uzbekistan, Trend reports with reference to the bank.
National Bank for Foreign Economic Affairs of Uzbekistan signed an agreement on opening a credit line with the Russian State Development Corporation Vnesheconombank (VEB.RF) in the amount of 14.3 million euros to expand the fleet of electric locomotives of JSC Uzbekistan Railways, the message said.
Earlier, in the framework of the conference of the Interbank Association of the Shanghai Cooperation Organization held on April 23-24, 2020, negotiations were held with the Chairman of the State Development Corporation VEB.RF Igor Shuvalov, during which the Russian side announced its readiness to continue further financing of the current projects in Uzbekistan.
VEB.RF is a strategic partner of NBU within a range of investment projects related to financing supplies of Russian high-tech equipment to Uzbekistan, the message said.
The competitive advantage of the agreement with VEB.RF is the possibility to attract credit resources at rather attractive interest rates by applying the mechanism of subsidizing interest rates by Russia.
As part of the cooperation, four loan agreements on the projects in hydropower, thermal power and transport sectors have been concluded to date for a total amount of 188 million euros.
State Development Corporation VEB.RF, which was founded in 1922, is the largest development institution in Russia with assets amounting to $51 billion.
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