Uzbekistan new indd

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chinese loans 
One important reason why China has been able 
to significantly increase its economic presence in 
Uzbekistan is that, since 2005, it has been increas-
ingly applying in Uzbekistan the same strategy which 
has worked in a number of other Central Asian coun-
tries—that is, providing loans for Chinese exports 
and services. Such loans are governed by an agree-
ment signed in 2005 between the Export-Import 
Bank (EXIM Bank) of China and the National 
Bank of Uzbekistan (NBU) for Foreign Economic 
Activities and embraces many sectors of the economy 
of Uzbekistan: oil and gas, power generation, chem-
icals, transport, textiles, and agriculture. Many of 
these projects can be called “Chinese-owned”—albe-
it not with out some reservation—as the majority of 
projects are implemented by Uzbeks themselves but 
funded by the Chinese. These projects are import-
ant for the country and together with strengthening 
trade relations and increasing industrial cooperation 
comprise the basis of China’s economic presence in 
Uzbekistan.