EXIMBANK OF RUSSIA becomes a joint arranger of a syndicated loan for the People's Bank of Uzbekistan
EXIMBANK OF RUSSIA JSC acted as one of the joint arrangers of the syndicated facility for the People's Bank of Uzbekistan (Xalq Bank), which was its first effort to raise money on international credit markets.
Deutsche Bank AG acted as the lead designated arranger of the 13-month syndicated facility worth $102.5M. The syndicate has been well accepted and supported by a number of regional and international banks. Sovcombank PJSC (designated arranger), Banka Kombetare Tregtare Sh.a (“BKT Albania”, lead arranger), the International Bank for Economic Cooperation and Finantia UK Limited (arrangers) joined the syndicate.
People's Bank JSC is a 100% state-owned bank through the Ministry of Finance of the Republic of Uzbekistan (29.9%) and the Fund for Reconstruction and Development of the Government of the Republic of Uzbekistan (70.1%). It is rated BB-/BB- by S&P and Fitch, on a par with the sovereign rating of the Republic of Uzbekistan.
“We are pleased to become part of the first deal of this kind for our Uzbek colleagues and confirm our desire to strengthen mutually fruitful cooperation between our banks. Among other things, this credit facility is aimed at financing supplies of goods, equipment and services from the Russian Federation to contribute to the intensification of our bilateral economic relations and the development of Russian exports in general. In turn, EXIMBANK OF RUSSIA JSC, a member of the REC Group, aims to further create opportunities for the development of trade activities between Russian and Uzbek companies,” Tatiana Sakharova, Deputy Chairman of the Board of EXIMBANK RUSSIA JSC.