The Uzbekistan Industrial and Construction Bank (SQB) has inked two consequential agreements during the annual Euromoney Forum held in Vienna on January 16-17, amounting to a total of €75mn, SQB reported. The event brought together key players in the financial sector, providing a platform for productive discussions and strategic planning.
The first of these agreements solidifies a cooperative partnership with Landesbank Baden-Württemberg (LBBW), wherein LBBW commits €50mn to fund investment projects for SQB's clients. The second agreement, a €25mn general trade lending pact with Raiffeisenbank, is geared towards supporting trading operations and bolstering the expansion of foreign trade turnover.
The SQB delegation engaged in meetings with prominent European financial entities, including Raiffeisenbank, Austrian Development Bank (OeEB), OeKB, Societe Generale, Commerzbank, Helaba, LBBW, DZ Bank, and OPEC Fund for International Development. Emphasizing the long-term partnership between SQB and European banks, discussions delved into the bank's accomplishments in 2023 and outlined strategic directions for 2024.
Topics of discussion included opportunities for implementing ongoing projects, potential areas of cooperation, and practical approaches to attracting financial resources in international capital markets. SQB reiterated its commitment to the development and deepening of green financing, as well as the practical implementation of Environmental, Social, and Governance (ESG) principles.
These agreements highlight SQB's dedication to its international cooperation strategy and solidify its position as a key player in the financial partnership between Uzbekistan and the European Union.
Earlier, SQB had entered into a transformative collaboration with the Management Development Institute of Singapore in Tashkent, focusing on education and the exchange of expertise. This strategic partnership, formalized through a Memorandum of Cooperation, reflects SQB's commitment to innovation and development.
Established in 1922, SQB is one of Uzbekistan's oldest banks and holds the distinction of being the second-largest state-owned bank in the country. Recognized for its steadfast support to clients and contributions to Uzbekistan's financial and economic development, SQB was acknowledged by the European Bank for Reconstruction and Development (EBRD) in 2023 for its pivotal role in advancing energy-saving technologies within the nation.
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