Russian Agricultural Bank and Agrobank signed a cooperation agreement

The agreement involves active cooperation in export of agricultural goods between Russia and Uzbekistan, trade financing and interbank relations.

Core points of the agreement are establishing long-term partnership between Russia and Uzbekistan that contributes joint projects to support the export of agricultural goods and other sectors of the economy, as well as providing comprehensive assistance and exchange of experience on a wide range of issues. The Banks aims to actively cooperate in trade financing, interbank cooperation, opening correspondent accounts for conducting money transfers and transactions between residents of Russia and Uzbekistan, conversion and derivative operations within the framework of trading platform NTPRo, developing beneficial cooperation on the introduction of new banking technologies.

“Export of agricultural goods are in TOP-3 commodity groups supplied between Russia and Uzbekistan. We find it important to ensure stability and a financial basis for export operations. In this regard, we agreed with Agrobank to finance export transactions from Russia to Uzbekistan within the limit established for Agrobank via trade finance products,” said Kirill Levin, First Deputy Chairman of the Board at RusAg.

“The export potential of agro-industrial complex of the country is one of the key sectors of Uzbekistan economy, given the increasing demand for agricultural products, including in the Russian Federation. Our countries have a positive trend in trade turnover, which requires supporting the increasing number of financial transactions between counterparties. We expect to provide financial support for export operations between our customers as part of this agreement. In addition, this agreement sets the beginning of active interaction in capital markets operations. I would like to note that we consider RusAg as a strategic partner, with whom we expect to interact actively in digital transformation of our banks,” commented Erkin Kakhorov, Deputy Chairman of Board at Agrobank.

Another focus for cooperation will be exchange of experience and knowledge between banks via seminars, conferences, business forums and other events. In December 2020 and January 2021, RusAg held training conferences for Agrobank: “Export Support for Agribusiness”, “Digital Ecosystem, Platform Svoe Fermerstvo (My Farming) and Farmer’s School”.