Chinese Bank Finances Tractor Project for Uzbekistan

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Last updated at: (Beijing Time) Friday, November 23, 2001

Chinese Bank Finances Tractor Project for Uzbekistan

The China Export and Import Bank (Eximbank) and the Pakhta Bank of Uzbekistan signed an agreement here Friday for the Eximbank to provide 100 million yuan in loans for Uzbekistan to buy 2,500 tractors from China.

A spokesman for the Eximbank said that the agreement was signed in line with an accord between the governments of the two countries. The tractors are produced by Zhongce Tractor and Motor Vehicle Co. Ltd. in the coastal city of Ningbo, east China, and will be delivered to Uzbekistan by the China Tianjin Machinery Import and Export (Group) Co.

The spokesman said that the Chinese government's loans are medium and long-term low-interest loans for developing countries. Such loans have effectively helped the recipient countries increase their revenue and job opportunities.

At today's signing ceremony, both sides expressed the belief that the two countries have great potential in economic and trade cooperation, and will work closely together to promote further economic cooperation.

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