Bureau of Credit Institute for Economic Recovery (KfW) to open in Tashkent

The President approved an intergovernmental agreement between Uzbekistan and Germany on the establishment of a local bureau of the Credit Institute for Economic Recovery (KfW) in Tashkent. This is stated in the decree of the head of state dated September 29, the Norma.uz information and legal portal reports.

KfW (Kreditanstalt für Wiederaufbau) is a banking group 80% owned by the German federal government (20% by the federal states). Created in 1948 to implement the program of post-war reconstruction of Europe ("Marshall Plan"). The central office is located in Frankfurt am Main, around 80 offices and representative offices are open around the world.

The group has subdivisions for international financing:

· KfW IPEX-Bank - responsible for international project and export financing;

· DEG, a subsidiary of KfW, finances and advises companies investing in developed and developing countries;

· Development Bank KfW - on behalf of the German government promotes financial cooperation projects around the world.

The local KfW office will be accredited as a representative office of a government organization for economic and technical cooperation of a foreign country.

The Ministry of Investment and Foreign Trade of Uzbekistan is the authorized body responsible for the implementation of the intergovernmental agreement.