Sovcombank and UzAuto Motors signed an agreement on letters of credit

Sovcombank (Russian Federation) and UzAuto Motors JSC signed an agreement on letters of credit. The total amount of the limit is $ 100 million, the term of granting is 3 years.

The signing of the agreement took place within the framework of the forum "Uzbekistan: Results and Prospects of Economic Reforms", which takes place on September 29-30 in Tashkent.

The signing ceremony was attended by the Director General of UzAuto Motors JSC Bo Inge Andersson and Deputy Chairman of the Board, Head of the Corporate Investment Block of Sovcombank Mikhail Autukhov.

“At present, UzAuto Motors JSC is actively involved in the transformation processes carried out by Uzavtosanoat JSC. As part of this process, Sovcombank expands the boundaries of mutually beneficial cooperation and manifests itself as a strategically important partner. The signing of this trade finance agreement with Sovcombank is not only a new page in our long-term cooperation, it is another step towards our long-term business development strategy! " - noted the General Director of "UzAuto Motors".

“We are glad that our relations with the holding of Uzavtosanoat JSC and its structural companies are actively developing. In April of this year, we strengthened our cooperation with a bilateral agreement on the development of mutually beneficial business partnership, in May we acted as organizers of the debut placement of UzAuto Motors Eurobonds on the London Stock Exchange. Today we are opening a letter of credit for UzAuto Motors and we hope that this popular banking instrument will help the company to reach new horizons in business, "said Mikhail Autukhov, Deputy Chairman of the Board, Head of Sovcombank's corporate and investment block.