Vnesheconombank to grant Uzbekistan €100 million for procurement of Russian power equipment

Vnesheconombank (VEB) will finance a deal to supply Russian energy equipment to Uzbekistan for €100 million, RIA Novosti reports with reference to the head of the state corporation Igor Shuvalov.

According to him, the supervisory board has established funding limits for nine foreign countries with which VEB.RF works, including for Uzbekistan.

“Then a special limit will be set in relation to the National Bank of Uzbekistan for foreign economic activity in order to acquire Russian energy equipment for modernization of Uzbek power generating units. This is a very good deal, because it provides orders for our machine builders, this is an export contract. So today all decisions have been made. We expect that the transaction will take place in the amount of about €100 million,” Shuvalov said.

In April, it became known that VEB and Rosatom will cooperate in the construction of nuclear power plants in Uzbekistan.

In October 2018, the governments of Uzbekistan and the Russian Federation concluded an agreement that provides for cooperation between countries in the design, construction and operation of a nuclear power plant in Uzbekistan consisting of two power units based on a water-cooled power reactor with an installed capacity of each power unit up to 1.2 GW.