Turk Eximbank signs loan deals with Uzbek banks

Turk Eximbank on Wednesday announced it signed loan agreements with private lenders in Uzbekistan and the country's national bank.

Turk Eximbank signed a $250 million revolving credit agreement with the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) under the Uzbek government's guarantee; the financing is intended for goods and services exports from Turkey to the country, the bank said in a press release.

Two more loan agreements were signed with the country's Uzpromstroybank and Asaka Bank, $26 million and $24 million, respectively.

The agreements have been signed within the scope of the President Recep Tayyip Erdogan's official visit to Uzbekistan this week.

Following loan agreements with Turkey's Ziraat Bank's subsidiary UT Bank and NBU last year, the total amount of credit provided by Turk Eximbank amounts to $350 million.

Turk Eximbank Chief Executive Officer Adnan Yildirim said: "Credit agreements will be a milestone to raise bilateral investments between Turkey and Uzbekistan."

Turk Eximbank ranks second globally after South Korea’s Eximbank in terms of financing exports. Since its establishment in 1987, the bank has implemented international credit, guarantee and credit insurance programs aimed at developing economic and political ties between Turkey and other countries.