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The Chinese Silk Road Fund allocated $ 585 million for oil and gas projects in Uzbekistan

In the Ministry of Energy of the Republic of Uzbekistan on October 22 of this year a meeting was held with the delegation of the Silk Road Fund (China), headed by the president of the Fund, Mr. Wang Yanzhi, to consider current issues of cooperation and prospects for its development, the press service of the Ministry said.

In order to jointly implement projects in the oil and gas sector between «Uzbekneftegaz» JSC and the Chinese side, primarily through the Silk Road Fund, in July this year a $ 585 million loan agreement was signed.

In mid-October, the first financial tranche was implemented as part of partnership activities, and during this meeting, issues of further implementation of the agreements reached were discussed.

Also, the meeting addressed the issue of expanding cooperation in all areas of the energy industry, with the joint preparation of proposals for organizing financing of investment projects.

In addition, the Silk Road Fund is a Chinese investment fund that supports infrastructure projects, facilitating trade cooperation and securing funding under the One Belt, One Way initiative.