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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed today a buyer’s credit (export loan) agreement amounting to up to approximately JPY11.6 billion (JBIC portion) with JSC "Uzbektelecom" (Uzbektelecom) in Uzbekistan. The loan is co-financed with MUFG Bank, Ltd., bringing the total co-financing amount to approximately JPY19.3 billion. Nippon Export and Investment Insurance (NEXI) will provide insurance for the loan from the private financial institution.
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In December 2019, JBIC signed a memorandum of understanding (MOU) on structuring projects in the Uzbek telecommunications sector with the Ministry for Development of Information Technologies and Communications (currently the Ministry of Digital Technologies) of Uzbekistan. Based on this MOU, the loan is intended to provide funds for Uzbektelecom, a state-operated telecommunications company under the aforementioned ministry, to purchase a set of telecommunications-related equipment from Toyota Tsusho Corporation for improving telecommunications infrastructure in Uzbekistan.
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Under the country’s digitalization strategy “Digital Uzbekistan-2030” approved in October 2020, among others, the Government of Uzbekistan has been promoting a transition to a digital economy through the country’s improved telecommunications infrastructure with faster speeds and increased capacity. This loan will support the export of high-quality telecommunications-related equipment from Japan, thereby contributing toward the digital transformation initiative in Uzbekistan, and also maintaining and improving the international competitiveness of the Japanese telecommunications industry.
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As Japan’s policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in the export of goods such as infrastructure equipment and in the overseas expansion of their businesses by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
