In June 2018, the Silk Road Fund (the "Fund") inked a cooperation framework agreement with Uzbekneftegaz to support Uzbek oil and gas projects. The Fund's investment and financing may be denominated in USD and RMB. In addition, the Fund also signed an MOU for cooperation with National Bank of the Republic of Uzbekistan for Foreign Economic Activity to invite Chinese companies to participate in the construction of a cultural tourism complex in Samarkand, Uzbekistan's second largest city. The parties aim to help the city build landmark international cultural tourism attractions with Silk Road heritage.
The cooperation is expected to facilitate the development of Uzbekistan's oil and gas as well as cultural tourism industry, deepen the China-Uzbekistan bilateral ties in key areas, promote Uzbekistan's social and economic progress, and help the two countries achieve mutual benefit and win-win results under the framework of the Belt and Road Initiative.
Uzbekneftegaz, Uzbekistan's only operator of oil, gas and natural-gas condensate, engages in the exploration, extraction and production of oil and gas. National Bank of the Republic of Uzbekistan for Foreign Economic Activity is Uzbekistan's largest commercial bank. Its main purpose is to facilitate Uzbekistan's import and export business, attract foreign investment and provide international settlement and clearing service.
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