CDB provides RMB 500 million loan to National Bank for Foreign Economic Affairs of the Republic of Uzbekistan for on-lending purposes

Project narrative

On August 26, 2019, during the fifth meeting of the Uzbek-Chinese Intergovernmental Cooperation Committee in Beijing, the Xinjiang Branch of China Development Bank and the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan (NBU) signed an RMB 500 million ($71.2) loan (facility) agreement for on-lending purposes. The agreement envisaged the use of new payment methods in RMB, while payments in RMB would be transferred to the supplier’s bank account directly in China in order to significantly reduce the time needed for payments between the two countries and counter-parties. The RMB 500 million loan fully disbursed on January 16, 2020. No additional details regarding borrowing terms or repayments, or subsidiary loans/projects were identifiable as of July 2022.