EXIM Signs Memorandum of Understanding with the National Bank of Uzbekistan

Today the Export-Import Bank of the United States (EXIM) entered into a memorandum of understanding (MOU) with the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (National Bank of Uzbekistan) to increase trade and economic cooperation between the United States and Uzbekistan.

At Blair House in Washington this evening, Ambassador Jeffrey D. Gerrish, EXIM’s acting president and chairman of the Board of Directors, signed the MOU with Alisher Mirsoatov, chairman of the Management Board of the National Bank for Foreign Economic Activity of the Republic of Uzbekistan.

The signing was witnessed by Uzbekistan President Shavkat Mirziyoyev, who is on an official visit to the United States on May 16-17. EXIM’s MOU signing was part of a multi-agency event where separate MOUs were signed by U.S. Departments of Energy, Agriculture, and Commerce, as well as the Overseas Private Investment Corporation and the U.S. Agency for International Development, among others.

“This MOU recognizes the mutual benefits of trade between the United States and Uzbekistan. EXIM stands ready to support Uzbekistan’s purchases of goods and services produced by American workers,” said Acting Chairman Ambassador Jeffrey Gerrish. “We anticipate that the EXIM-supported financing to follow from this agreement could support jobs in multiple industries across the United States.”

Under the MOU, EXIM and the National Bank of Uzbekistan agreed to exchange information on business opportunities to further the procurement of U.S. goods and services by both state-owned and private-sector small and medium-sized businesses in Uzbekistan. Sectors for business development include oil and gas development, energy production, mining, construction, telecommunications, health care, and transportation, including aircraft.

EXIM agreed to explore options for providing the bank’s medium- and long-term guarantees or loans of up to $100 million to support U.S. exports to Uzbekistan. Access to EXIM financing is subject to the bank’s approval for each individual transaction and must comply with the terms for EXIM’s financing. Depending upon the size and nature of the transaction, EXIM may require a sovereign guarantee.