OREANDA-NEWS. February 14, 2011. National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and Sumitomo Mitsui Banking Corporation of Japan signed a Memorandum of Understanding (MoU) to foster mutually beneficial business cooperation between two financial institutions.

Important direction of cooperation within the framework of MoU is encouraging business opportunities of Uzbek and Japanese companies in Navoi Free Industrial Economic Zone and Sumitomo Mitsui Banking Corporation' financing of projects worth USD100 million.

Another important aspect of cooperation is fostering the participation of interested investors – clients of Sumitomo Mitsui Banking Corporation in implementation of projects of NBU and branch investment companies NBU Invest Group and NBU Investment. The work in this direction will cover active partnership with Sumitomo Mitsui Banking Corporation in the sphere of technical cooperation and exchange of experience.

In financial sphere special attention will be paid to projects aimed at improvement ecological environment, greenhouse effect reduction and Uzbekistan's sustainable development. The sides also agreed on cooperation in clearing operations in Japanese yen and payment business.