Vice President Sun Ping of China Eximbank and Uzbekistan’s Turonbank JSCB Chairman Mirzaev have entered into a loan agreement for the Supply of Electrical & Mechanical equipment for UE Kadirin HPP Chain (HPP-3) and Kamolot HPP at Chirchik-Bozsu Route Project and the Modernization of Unitary Enterprise Cascade of Nijne-Bozsu hydroelectric power station (HPS-14), Unitary Enterprise Cascade of Tashkent hydroelectric power stations (HPS-9), Unitary Enterprise Cascade of Shakhrikhan hydroelectric power station (SFC-2) Project in Beijing. The projects include the construction of Camelot hydropower station, and upgrading of the Kadyrin No.3, Chirchik Bozsu No. 14, Tashkent No. 9 and Shahryhan cascade hydropower stations. These projects are being executed under the China-Uzbekistan Intergovernmental Hydropower Cooperation Agreement Framework. They are also the first batch of projects implemented as a tangible result of the 18th Summit of the Shanghai Cooperation Organization held in Qingdao.
The main contents of the agreement include the upgrading of five hydropower stations and updating of 11 generating units in Uzbekistan. As a part of the overall hydropower development plan of Uzbekistan, these projects will give full play to the domestic water resource advantages of the country, further balance its electric energy structure, and lower power generation costs. Moreover, this will enable the country to export surplus power to its neighbors, and increase its foreign exchange earnings, which is conducive to enhancing the living standards of the local people and promoting economic development.
So far, China Eximbank has provided financial support to a number of major areas concerning national interest and people’s livelihood in Uzbekistan, including energy, water conservancy, chemicals, and transportation. It has played an important role in facilitating social and economic development of the country and deepening trade and economic cooperation between Uzbekistan and China.
Going forward, China Eximbank will continue to expand practical cooperation between the two countries, keep adding new substance to bilateral cooperation under the Belt and Road Initiative, and contribute to all-round cooperation between China and Uzbekistan in the new era by further leveraging its advantages in policy-based finance.