WB to assist Uzbekistan in establishing eximbank, export promotion agency

By  Trend

An export-import bank and a national export promotion agency will be established In Uzbekistan in the near future, Uzbek media reported referring to the results of the talks in Tashkent between Foreign Trade Minister Jamshid Khojayev and the World Bank (WB) mission.

"The ministry is currently developing a concept for creation of an eximbank, a national export promotion agency and an export credit insurance agency in Uzbekistan, whose tasks will be to fully stimulate foreign trade activity," Khojayev said.

In turn, members of the WB delegation underlined the important role played of export-import financing in the process of promoting exports and increasing trade.

"Practice shows that no other state has been able to achieve significant results in promoting its exports without using tools to promote domestic products in foreign markets, including through lending and insurance of export operations," WB expert Thomas Vis said.

Representatives of the bank expressed their readiness to provide technical assistance in development of the concept, structure and strategy of the work of the Eximbank of Uzbekistan.