NBU to attract US$60m credit line from Chinese Bank

National Bank of Uzbekistan for Foreign Economic Activity (NBU) plans to attract US$60 million of credit line of State Development Bank of China.

The credit line will be used to finance supplies of equipment and technologies within private business projects. It is expected that the credit agreement will be signed in autumn 2007.

This is the second credit line of Chinese bank issues to NBU. In May 2006, the Chinese bank issued US$20 million for nine years with two year grace period. The interest rate set at LIBOR plus 1.5%.