NEWS AND EVENTS
November 15, 2006
Uzbekistan Development Fund, China Development Bank sign agreement
Fund for Reconstruction and Development of Uzbekistan and the China Development Bank signed a cooperation agreement on 14 November 2006.
Cooperation envisages the bank\'s co-financing of the investment projects in the basic industries of the Uzbek economy, exchange of information on the markets, companies and banks of both countries in the framework of the jointly implemented projects, as well as improvement of staff skills through exchange programmes and trainings.
The Fund\'s new partner is the largest state bank of China. Among its objectives is to support key industries, develop the country\'s infrastructure, and support progress in the regions. The value of the bank\'s assets currently exceeds US$250 billion, and bad debts make up only 0.73%. Over the years of its activity, State Development Bank of China implemented over 4,000 major projects in different areas of the economy.
The Fund for Reconstruction and Development of Uzbekistan was established in line with the Decree of the President in 2006 for the purpose of implementing the projects on modernisation and technical re-equipment of the leading, and basic industries of the economy, achievement of dynamic, stable and balanced socio-economic development of the country, and implementation of the effective structural and investment policy.
One of the Fund\'s objectives is to establish and develop cooperation with foreign financial institutions for the purpose of attraction of additional investments into the economy of Uzbekistan, and the cooperation agreement signed will serve as an additional instrument for the development of investment relations between Uzbekistan and China.
As reported earlier, in September of this year the Foundation signed cooperation agreements with another three foreign financial institutions ? Korean Development Bank, Export and Import Bank of Korea, and Export and Import Bank of Malaysia.