Silk Road Fund to support Uzbek oil and gas projects

The Silk Road Fund inked a cooperation framework agreement with Uzbekneftegaz to support Uzbek oil and gas projects, according to a statement released by the fund on Saturday.

The fund's investment and financing may be denominated in the US dollar and Chinese yuan, it said.

The fund also signed an MOU for cooperation with the National Bank of the Republic of Uzbekistan for Foreign Economic Activity to invite Chinese companies to participate in the construction of a cultural tourism complex in Samarkand, Uzbekistan's second largest city.

The parties aim to help the city build landmark international cultural tourism attractions with Silk Road heritage, said a spokesman with the fund.

The cooperation is expected to facilitate the development of Uzbekistan's oil and gas, as well as cultural tourism industry, deepen the China-Uzbekistan bilateral ties in key areas, promote Uzbekistan's social and economic progress, and help the two countries achieve mutual benefit and win-win results under the framework of the Belt and Road Initiative, the spokesman added.

Uzbekneftegaz, Uzbekistan's only operator of oil, gas and natural-gas condensate, engages in the exploration, extraction and production of oil and gas. The National Bank of the Republic of Uzbekistan for Foreign Economic Activity is Uzbekistan's largest commercial bank.

Its main purpose is to facilitate Uzbekistan's import and export business, attract foreign investment and provide international settlement and clearing service, according to the fund.