NBU and Germany's AKA Bank Open New Opportunities for Business in Uzbekistan
17.09.2024
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Germany remains one of Uzbekistan's key strategic, investment, and trade partners. The state visit of German Federal Chancellor Olaf Scholz to Uzbekistan on September 15–16, 2024, further reinforced the strong ties between the two countries.
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As part of the visit, a joint meeting was held on September 16 in Samarkand between the leaders of Germany and Uzbekistan and representatives of leading companies and banks from both countries. During the meeting, a significant package of bilateral agreements was signed, aimed at strengthening partnerships and fostering new business initiatives.
The highlight of the visit was the signing of an agreement between the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and Germany's AKA Bank for a €100 million credit line.
This agreement is set to play a crucial role in supporting and enhancing business collaboration between Uzbekistan and Germany. It focuses on jointly supporting small and medium-sized enterprises across various sectors, fostering job creation and stimulating economic growth.
The credit line will also be allocated to finance projects in key economic sectors, including the textile industry, services, tourism, mining and metallurgy, and renewable energy.
This agreement will also support the implementation of the Technological Partnership and Industrial Cooperation Program for 2024–2026, adopted by the leaders of Uzbekistan and Germany. The program focuses on developing Uzbekistan's national economy, ensuring its robust growth, and improving the country's investment and innovation climate.
The signed agreement will serve as an additional driver for bolstering Uzbekistan's trade and economic ties not only with Germany but also with other European countries, unlocking new opportunities for cooperation and growth.
Background Information: AKA Bank is a specialized financial institution established in 1952 by a consortium of leading European banks to promote trade and export financing for European goods and services in global markets.
As one of Germany's leading financial institutions, AKA Bank is renowned for its flexibility, commitment to partners, and broad range of financing projects.
As of 2023, AKA Bank reported a capital of USD 314.6 million and assets totaling USD 4.3 billion.
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