Tashkent, Uzbekistan (UzDaily.com) -- A working group led by the chairman of the board of the National Bank of Uzbekistan for Foreign Economic Activity (NBU) held a meeting with the executive vice president of the State Development Bank of China (SDB) in Beijing, China.

During the bilateral meeting, the parties analyzed the progress of the implementation of current major investment and infrastructure projects, as well as projects in the field of small and medium-sized businesses. Currently, more than 650 projects in the field of transport, energy, industry and other areas of SMEs have been implemented jointly with the SDB.

The Chinese side highly appreciated the results of the meeting of the SCO IBC Council chaired by the National Bank in Samarkand, as a result of which a new format of work with the SDB on settlements in national currencies was established.

The main issue on the agenda was the discussion of the issue of joint financing of the project for the purchase of passenger buses in the amount of 1.8 billion yuan. The suppliers of buses and electric buses within the framework of this project are the largest manufacturers of China, such as King Long, YUTONG, FOTON and others.

As a result of the meeting, an agreement was reached on the provision of a new credit line by the State Bank of the Republic of Kazakhstan to the National Bank to finance this project as part of a special loan from the State Bank of the Republic of Kazakhstan for member banks of the SCO IBC.

This project is being implemented in accordance with the resolution of the President of the Republic of Uzbekistan from 16 February 2023 No. PP-59 “On measures to reform the public transport system” for the development of the transport infrastructure market, provided for by the reform program of the Development Strategy of New Uzbekistan for 2022-2026.

Successful completion of the project will ensure the improvement of transport services for the population in Tashkent and the regions of the Republic of Uzbekistan, the expansion of the public transport route network, as well as the renewal of the rolling stock fleet with modern environmentally friendly buses.