EXIM Bank Signs Cooperation Agreement With UFRD

KUALA LUMPUR, Sept 20 (Bernama) -- Export-Import Bank of Malaysia Bhd (EXIM Bank), Wednesday signed a cooperation agreement with Uzbekistan Fund for Reconstruction and Development (UFRD).

In a statement here today, EXIM Bank said the agreement aimed to establish a framework for a strong cooperation to support and encourage investments between Uzbekistan and Malaysia.

"The cooperation will involve the exchange of information and increase coordination, particularly in the fields of providing financing, export credit/investment insurance and guarantees.

"Other areas of cooperation include requests for information on markets, companies, banks and buyers of the two countries; identify eligible transactions/projects which are deemed suitable for support; assist on legal matters and in recovery of debt; and, enhance technical skills and knowledge of staff through exchange programme and training," it said.

EXIM Bank said the agreement would provide opportunities for it to support Malaysian investors' participation in the US$1 billion (US$1=RM3.65) fund.

"The fund is for the reconstruction and development of Uzbekistan's economy through investment support in some strategic economic sectors such as power plant, chemical industry, engineering industry, and transport and telecommunications infrastructure projects," it said.

Total trade between Malaysia and Uzbekistan stood at RM34.56 million in 2005, in Malaysia's favour.

To date, Malaysian investments in Uzbekistan are still insignificant

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