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Economy • 31 October, 2018

Uzbek bank developing ties with financial institutions of Russia

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In order to improve its services, the Uzbek Qishlok Qurilish Bank JSCB strives to develop bilateral relations with foreign financial institutions, including commercial banks of Russia, Gazeta.uz reported.

Thus, a framework agreement was signed in October with the Russian joint-stock commercial bank AK BARS Bank PJSC. Within the agreement, the Qishlok Qurilish Bank JSCB opened a credit line for trade financing in the amount of $3.5 million for a period of up to 365 days.

If there is a need to finance non-commodity import contracts, the amount of financing can be increased to $35 million subject to insurance of risks by the Russian Agency for Export Credit and Investment Insurance (EXIAR) JSC.

In addition to trade financing, the establishment of correspondent relations between the Qishlok Qurilish Bank and the Russian financial institution is expected in the near future.

Such cooperation will provide an opportunity to fully meet the emerging needs of customers for banking services, as well as to increase the bank’s incomes and the trade turnover between the two countries.

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