posted 16 Aug 2016, 08:16 by Webmaster Ambasciata
Assets of National Bank of Uzbekistan reach 18 trillion soums

Uzbek railroad workers are completing a project aimed at launching a new high speed railroad between Tashkent and Bukhara


Assets of National Bank of Uzbekistan reach 18 trillion soums

On 15 August, the National Bank for foreign economic activity of the Republic of Uzbekistan held a press conference. It was attended by representatives of the media, members of the NBU and representatives of the Fund for support of export of small business and private entrepreneurship.

Particular attention at the meeting was paid to the role of the NBU in expanding international cooperation in the country. In particular, if in 1992 the NBU had correspondent relationships with 83 major banks of the world, over 25 years of independence of the Republic, exactly as of 1 July 2016, the Bank's correspondent network covers some 683 international financial institutions in over 80 countries around the world.

Over the years of independence, the National Bank has attracted numerous credit lines of the Asian Development Bank, International Finance Corporation, Japan Bank for International Cooperation, German Bank, KSE, OPEC Fund, Korea Eximbank, China Eximbank, the State Development Bank of China and other international and foreign financial institutions.

In addition, the press-conference thoroughly discussed the Bank's participation in the implementation of the economic policy of the country, programs of modernization, technical and technological renewal of economic sectors, localization, etc.

In particular, as on 1 July 2016, the Bank's assets amounted to 18 trillion soums (currency rates of CB RU from 16.08.2016, 1$= 2979.31 soums), having increased compared to the same period last year by 33%, the credit portfolio of the Bank amounted to 11 trillion soums. In comparison with the same period last year, this figure increased by 26%. 91% of the loan portfolio of the Bank accounts for long-term investment loans.

The press-conference marked the Bank's activity in the sphere of support towards small business and private entrepreneurship entities. So, if during 2015 the Bank towards this sphere issued loans worth 1.8 trillion soums, in the first half of 2016 already in the first-half of this year this figure has already reached 1.3 trillion soums. More than 5 thousand new jobs were created due to these funds.

The Fund for support of exports of small businesses and private entrepreneurship, organized in accordance with presidential decree has been active in promoting their goods and services to foreign markets.

In the first half of this year, the Fund provided legal, financial and organizational services to 1646 businesses to promote their goods and services to foreign markets. As a result of the work done, export contracts totaling $1.32 billion were signed. 379 businesses made export totaling $643 million. Compared to the previous year, the number of entrepreneurs that received support from the Fund has increased by 164, whereby the volume of exports carried out with the assistance of the Fund has increased by 26% or $131 million.



Uzbek railroad workers are completing a project aimed at launching a new high speed railroad between Tashkent and Bukhara

As part of this initiative, a new site, Marakand-Navoi, spanning 140.2 km was built from the beginning of the year. Now the railroad line from Navoi to Bukhara has been adapted to the movement of 160 km per hour speed, and more than 220 different facilities – pedestrian crossings, overpasses, bridges and stations – have been built.

The total cost of construction of the line has exceeded $ 400 million. After the line is launched, time of delivery of passengers and cargo will be reduced from 7 hours to 3.5 hours, while operating expenses by almost 30%.

To ensure effective use of the route, Uzbekistan Railroads company signed a contract with the Spanish company Talgo. The contract will pave way for the purchase of four main and 20 passenger cars as well as two dining cars. These will be made into two rolling stocks, each of which will carry up to 287 passengers.

Eighteen passenger cars and four main cars by Talgo  have been riding on the national railroads. They have been named after the ancient city of Afrosiyob and service passengers traveling from Tashkent to Karshi and vice versa.

Currently, Uzbekistan ranks 17th among countries with the most developed high-speed railroads, according to GoEuro. According to the rating, the record speed of high-speed trains is 255 km per hour while operational speed 250 km per hour. High-speed transportation accounts for 8.2% of the country’s railroad infrastructure.

(Source: «Uzbekistan Today» newspaper)

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