President Shavkat Mirziyoyev signed the intergovernmental treaty between Uzbekistan and Germany on the creation of a local bureau of the Credit Institute for Economic Recovery (KfW) in Tashkent.
The treaty was signed on 24 December 2019 in Tashkent.
The Ministry of Investment and Foreign Trade has been designated as the authorized body responsible for the implementation of the agreement.
The KfW Development Bank, a member of the KfW Bankengruppe financial group, is responsible for financial cooperation with partner countries. The banking group is by 80% owned by the federal government of Germany (20% by the federal states). It was created in 1948 to implement the program of post-war reconstruction of Europe (Marshall Plan).
On behalf of the Federal Government, the KfW Development Bank finances investments and related advisory services and skills development activities in developing countries and countries with economies in transition to support sustainable economic development, social infrastructure and environmental protection measures.
On behalf of the Federal Government, KfW is developing cooperation with Uzbekistan. The volume of funding since 1993 topped 268.5 million euros.