NBU and Credit Suisse sign a framework loan agreement for 200 million euros

NBU and Credit Suisse sign a framework loan agreement for 200 million euros

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Tashkent, Uzbekistan (UzDaily.com) — On 13 November 2018, a framework loan agreement was signed in Zurich between the National Bank for Foreign Economic Activity of Uzbekistan and the leading Swiss bank Credit Suisse in the amount of 200 million euros.

The agreement envisages cooperation in the field of joint financing of investment projects implemented in the Republic of Uzbekistan, under the guarantee of export credit agencies (ECA), without providing a state guarantee.

The key advantage of this agreement is the ability to finance projects involving the supply of equipment and technology from Switzerland, Europe, South Korea and China.

NBU successfully has been cooperating with Credit Suisse since 1993 in the field of trade finance and payment transactions. The signed document is one of the first agreements of this kind between the Bank of Uzbekistan and Switzerland.

The banking system of Switzerland is considered one of the most reliable and is one of the benchmarks for all banks in the world. The study of international best practices in banking and the introduction of new types of banking services and products is one of the priorities of the banking sector of Uzbekistan. In the course of negotiations between NBU and Credit Suisse, a separate agreement was reached on this area of joint cooperation.

Uzbekistan’s business circles show great interest in acquiring equipment and technologies of Swiss origin in the field of textile, metallurgy, and other industries. The agreements reached will help meet the financing needs of these transactions.