Today.Az » World news » Japan's SMBC allocates $100M for Uzbekistan to boost internet speed
07 December 2018 [14:43] - Today.Az
The National Bank of Uzbekistan (NBU) and Japan’s Sumitomo Mitsui Banking Corporation (SMBC) signed a cooperation agreement in the amount of $100 million, Trend reports referring to the press service of the Uzbek bank.
The agreement was signed as part of projects to expand the backbone and multiservice data transmission network and upgrade switching centers using IMS technology, the main contractor for which is the Japanese company Toyota Tsusho Corporation.
These projects are being implemented in order to increase the Internet speed at least 10 times and bring it to the level of the CIS countries by 2020, as well as to develop the telecommunications backbone of the information and communication infrastructure in Uzbekistan.
The agreement provides for the expansion of mutual cooperation with the leading Japanese bank SMBC in the field of trade and project financing of the supply of high-tech equipment and services from Japan, as well as other countries where SMBC has global branch networks, under insurance coverage of export credit agencies (ECA).
Another advantage of this agreement is the possibility for SMBC clients to participate in investment projects implemented in Uzbekistan in cooperation with NBU.
The parties also reached an agreement on further development of operations on clearing and settlements in Japanese yens on syndicated project financing and cooperation in the field of technical assistance and exchange of experience.
Sumitomo Mitsui Banking Corporation was established in 1876. It is a banking unit of the Sumitomo Mitsui Financial Group. Today it is one of the largest banking and financial organizations in Japan in terms of assets ($1.7 trillion) with the widest network of subdivisions (about 70 worldwide), offering a full range of investment banking services. The company has 70,000 employees.