Uzbek National Bank Signs 1 Billion Yuan Financing Agreement with Bank of China

Tashkent, Uzbekistan (UzDaily.com) — On 6 May 2026 in Hong Kong, during an official visit of the delegation of the Republic of Uzbekistan led by Prime Minister Abdulla Aripov, a financing agreement was signed between the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (UzNatsbank) and Bank of China.

The document provides for the arrangement of a syndicated credit line in Chinese yuan amounting to 1 billion yuan, equivalent to approximately US$145 million. The signing took place on the sidelines of the first Uzbek-Chinese Economic Forum in Hong Kong, attended by representatives of government bodies, financial institutions, and business communities of both countries.

Under the agreement, UzNatsbank became the first commercial bank in Uzbekistan to conclude a financing arrangement with Bank of China structured in the Chinese national currency. The deal aims to expand financing tools for investment and infrastructure projects and develop alternative sources of liquidity.

It is noted that the total volume of yuan-denominated credit lines attracted by UzNatsbank from Chinese financial institutions has exceeded 11.5 billion yuan (about US$1.6 billion). This forms a basis for further expansion of yuan-based operations and strengthens the role of alternative currencies in international financing.

The signing comes amid growing economic cooperation between Uzbekistan and China. In 2025, bilateral trade increased by 34% and exceeded US$17 billion, while medium-term targets aim to raise it to US$20 billion. Total Chinese investment in Uzbekistan’s economy has reached US$15.8 billion.

The agreement is also linked to Uzbekistan’s State Investment Program for 2026, under which UzNatsbank is tasked with attracting up to US$1.5 billion in financing from international financial institutions.

It is additionally noted that macroeconomic reforms in Uzbekistan have been reflected in upgrades of the country’s sovereign credit rating by Fitch Ratings and S&P Global Ratings from “BB-” to “BB”. UzNatsbank’s credit rating was also raised in line with the sovereign level, indicating strengthened financial stability and increased investor confidence.