Tashkent, Uzbekistan (UzDaily.com) -- The National Bank for Foreign Economic Affairs of the Republic of Uzbekistan (NBU) and the State Development Bank of China signed an agreement to raise a credit line in the amount of 1.18 billion yuan.

According to the National Bank, the credit line will be used to finance an infrastructure project in the field of transport for the purchase of passenger buses and electric buses.

The investment project is being implemented in accordance with the Decree 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 transport infrastructure, provided for by the reform program “Development Strategy of New Uzbekistan for 2022-2026.

“Successful implementation of such a large-scale project will improve transport services for the population, expand the public transport route network and meet the needs of the population in passenger transportation, as well as update the rolling stock fleet with advanced and environmentally friendly buses,” the National Bank notes.

The document was signed on 17 May in Xi’an on the eve of the state visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to the People’s Republic of China and within the framework of the Uzbek-Chinese business forum.

The event was attended by over 600 representatives of the largest Chinese companies, business circles and financial institutions of the two countries, which made it possible to demonstrate the great interest of Chinese investors in the implementation of joint projects in Uzbekistan.

The business forum made it possible to consider issues of further deepening the Uzbek-Chinese relations of comprehensive strategic partnership and expanding multifaceted cooperation.

The focus of the event platform was the implementation of joint cooperation projects in the development of transport infrastructure, renewable energy, the creation of industrial parks and agricultural clusters in the regions of Uzbekistan with the participation of leading Chinese companies.