Sovcombank prepared to invest up to $1 bln in projects in Uzbekistan

MOSCOW. Nov 18 (Interfax) - Sovcombank is prepared to invest up to $1 billion in projects in Uzbekistan, the Russian bank's director for relations with financial institutions and international business, Maria Mishakova told Interfax.

"We are continuing to implement the previously approved strategy for the development of relations with the largest banks and corporations in Uzbekistan. The total amount of investment in the country that we have set for ourselves could be up to $1 billion, and the bank is now in the process of implementing these ambitious goals, including within the context of cooperation with Uzpromstroybank," Mishakova said.

Sovcombank signed a cooperation agreement with Uzpromstroybank at the Russia-Uzbekistan Interregional Cooperation Forum on Wednesday.

"The agreement is aimed foremost at Sovcombank's participation in financing projects in the area of foreign trade operations related to shipments of goods and services from the Russian Federation and other countries," Mishakova said.

The amount of the agreement is $50 million, a source familiar with its terms told Interfax.

Sovcombank, with 1.783 billion rubles in assets at the end of the third quarter of 2021, was ninth by this figure in the Interfax-100 ranking of Russia's largest banks.