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Press Release: National Bank of Uzbekistan and Sumitomo Mitsui Banking Corporation boosting cooperation / Investments, Assets management, Effective management and production, NBU Invest Group, Uzbekistan
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Press Release: National Bank of Uzbekistan and Sumitomo Mitsui Banking Corporation boosting cooperation

PRESS  RELEASE

February
8, 2011

Tashkent
,
Uzbekistan - Tokyo, Japan


National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and Sumitomo Mitsui Banking Corporation (SMBC) has signed Memorandum of Understanding with the intention to further develop mutually beneficial collaboration. This will include both financial and non-financial cooperation between the two financial institutions.


The Memorandum between NBU and SMBC has been signed on February 8,
2011 inTokyo, Japan, within the frameworks of the 10th Uzbek-Japan and Japan-Uzbek Economic Cooperation Committees Meeting.

The signed document is aimed to identify actual directions for development of mutual cooperation between the institutions.


This will concern the collaborative support of NBU and SMBC in sphere of trade financing of the transactions between the Uzbek and Japanese companies.

Another important direction to be developed within the Memorandum is the promotion of business opportunities for
Uzbekistan and Japanese companies in Free Industrial Economic Zone of 'Navoi' in Uzbekistan as well as financing the potential projects eligible for SMBC, in the total sum up to USD 100 mln.

Equally important will be the organization of participation of interested SMBC's investor-clients in realization of projects of NBU and its subsidiary investment companies NBU Invest Group and NBU Investment. The work in this direction will also include active cooperation of SMBC with NBU and its subsidiary investment companies in the fields of technical assistance and experience exchange.


Collaboration of NBU and SMBC in the field of business and financing will pay due attention to improvement of environment, to reduction of greenhouse gases, and to sustainable development of the
Republic of Uzbekistan.

The parties also agreed to consider development of cooperation in the field of JPY clearing and payment business.

NBU  Invest Group Press Service
e-mail: info@nbuig.uz



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