Russian Agricultural Bank signed a cooperation agreement with Microcreditbank

05 October 2021

RusAg and Microcreditbank (Uzbekistan) signed a cooperation agreement that provides for active cooperation in the field of agribusiness exports between Russia and Uzbekistan, trade finance and interbank cooperation.

The agreement was signed by Kirill Levin, First Deputy Chairman of the Board of Russian Agricultural Bank, and Orif Butaev, Chairman of the Board of Microcreditbank, at the International Economic Forum held in Uzbekistan on September 29-30.

The agreement is aimed at establishing long-term partnership contributing to the implementation of joint projects focused on the export support of agricultural products, including rabbit and poultry farming, and other sectors of the economy of the Russian Federation and the Republic of Uzbekistan, as well as providing comprehensive assistance, and sharing of experience on a wide range of issues of mutual interest. The parties intend to actively interact in the area of ​​trade finance, interbank cooperation, opening correspondent accounts for money transfers and transactions between residents of Russia and Uzbekistan, conducting conversion transactions and operations with derivative financial instruments on the foreign exchange, money and commodity markets, including using electronic trading platforms, and developing mutually beneficial cooperation in the implementation of new banking technologies.

“Export of agricultural products is included in the TOP-3 commodity groups supplied between Russia and Uzbekistan. The conclusion of the agreement is an important stage in the development of relations between our banks. We consider it important and necessary to contribute to the maintenance and further development of agribusiness exports between Russia and Uzbekistan. Within the framework of this agreement, together with Microcreditbank, we plan to discuss issues related to participation in financing foreign trade projects, and exchange experience in the field of agricultural support in our countries,” said Kirill Levin, First Deputy Chairman of the Board at RusAg.

“Today the bank is actively involved in the development of agriculture, rabbit breeding and poultry farming in the country. The signing of this agreement will allow our banks to contribute to the development of these areas in Uzbekistan through the exchange of experience in the field of agribusiness and financing of promising investment projects,” said Orif Butaev, Chairman of the Board of Microcreditbank.