A $146 million worth project was implemented jointly with the Russian national machine-building company Power Machines in the last three years.

The loan will support policy, regulatory, and institutional reforms needed to create an enabling environment for competitive financial markets in Uzbekistan.

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.

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