Tashkent will allocate $ 100 mln to Kyrgyz financial institutions

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Bishkek, Dec. 14, 2017 / Kabar/. Tashkent will allocate $ 100 million, which Kyrgyz businessmen can use to improve the cooperation with entrepreneurs of Uzbekistan, Kyrgyz Minister of Economy Novikov told commenting about results of President Sooronbai Zheenbekov's official visit to Uzbekistan.

He said that trade and economic negotiations were very positive. There was a trade and economic session. More than 350 entrepreneurs from Kyrgyzstan and Uzbekistan took part in it.

“This session was held for the first time in the framework of the dialogue. All the issues that worried the businessmen were spoken out. A meeting was also organized where Kyrgyz businessmen could talk with Uzbek partners about the possibilities of concluding contracts," Novikov said.

Following the meeting there were certain contracts, both export contracts for the supply of Kyrgyz products to Uzbekistan and import contracts.

"Moreover, during the trade and economic session, an agreement was signed between the two countries’ ministries of economies on unhindered opening of correspondent accounts between the banks of Kyrgyzstan and Uzbekistan. The Uzbek side also confirmed the absence of any restrictions in banking and financial transfers between our countries, as well as about unhindered return of the invested financial resources, including foreign exchange by Kyrgyz entrepreneurs who will sell their products on the territory of Uzbekistan” the Minister of Economy said.

This is a very substantial agreement, which guarantees our entrepreneurs the opportunity to freely find currency," Novikov said.

The agreement on financial cooperation assumes that the Uzbek side through financial and credit institutions allocates $ 100 million to Kyrgyz financial institutions. This money can be used by Kyrgyz businessmen to purchase goods, raw materials and other components in Uzbekistan."Thus, we are increasing the financial potential of entrepreneurs to interact with Uzbekistan," the Minister of Economy said.

"100 million dollars will be sold through commercial banks. A separate agreement will be concluded between the financial and credit institutions of two countries on conditions for provision of this money. The state will not have any guarantee for these funds," Novikov said.

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