The agreement with the Russian Sovkombank, Gazprombank, Rosselkhozbank, and Asia-Invest bank, which will act as the organisers of the issue of rouble bonds, was reached during an economic forum held in Uzbekistan.

Sector asset-quality metrics started improving in the second quarter of 2021 on the back of recovering business activity and appreciation of the Georgian lari.

According to the government privatisation programme, SQB, also known as Uzpromstorybank, is to be handed over to private hands by 2023.

Expenditures reached 19.66 trillion soums, while the interest margin amounted to 10.5 trillion soums,

Agreements include $600 million in privatisation deals, $2.6 billion in public private partnerships and $3.4 billion in foreign credit lines.

The cooperation agreements envisage the allocation of 1.1 billion euros of capital to finance the expansion of the Shurtan Gas Chemical Complex’s production capacity.