A ceremony of signing an agreement on cooperation between the Asian Development Bank (ADB) and Invest Finance Bank has taken place in Tashkent
Uzbekistan and Asian Development Bank have been consistently maintaining a mutually beneficial cooperation on implementation of priority programs and projects on modernization of the country’s economy and infrastructure. To date, ADB has invested more than $6 billion of funds in nearly 60 joint projects.
During the visit of the Asian Development Bank delegation led by ADB President Takehiko Nakao this March, the sides signed four agreements on investment of $573 million of ADB funds for water supply, road construction, support of small business and private entrepreneurship, as well as the development of fruit and vegetable growing.
ADB has been successfully cooperating with commercial banks of our country under the trade finance program. In support of trade in Uzbekistan, ADB financed 467 agreements totaling almost $1.3 billion, 46 of which were agreements with small businesses. The constructive interaction has been underway with Asaka, Ipak Yo’li banks, Uzsanoatqurilishbank, Hamkorbank. InFinBank has also received an opportunity to participate in the program.
“The integration with the Asian Development Bank’s Trade Finance Program is a chance for us to support the private sector in the country, actively participate in large-scale reforms on the development of small business and private entrepreneurship,” said Zikirillo Abdullayev, InFinBank Board Chairman. “That would contribute to the consistent development of the national economy, raising the level of people’s wellbeing.”
The ADB Trade Finance Program provides over 200 partner banks of the Asian continent with guarantees and loans to support trade. The system-based measures on ensuring the program’s effectiveness have strengthened trade relations in the region. The importance of the financial mechanism in the development of export-import transactions has been increasing. Since 2009, ADB allocated almost $26 billion of financial assistance to over 9,200 enterprises as part of the program in the Asian continent.
(Source: «Uzbekistan Today» newspaper)