Shinhan Financial Group plans to make up to $200 million in financing available to financial institutions in Uzbekistan as it expands cooperation with the country and neighboring Kazakhstan.
The group said Thursday it signed agreements with Uzbekistan's Ministry of Investment, Industry and Trade and Kazakhstan's state-owned development finance group Baiterek on Monday and Tuesday.
Under the agreement with the Uzbek ministry, Shinhan will work toward providing the financing, jointly seek investment opportunities and pursue project financing for infrastructure and renewable energy developments. The two sides will hold regular talks to develop additional projects.
The agreement builds on discussions with Uzbek officials, including meetings with the deputy prime minister last December and the investment, industry and trade minister in June.
Shinhan Chairman Jin Ok-dong also met separately with Uzbek President Shavkat Mirziyoyev, who was visiting Korea for a summit, to discuss the country's financial sector and Shinhan's expansion plans.
At a Korea-Kazakhstan business roundtable, Shinhan signed a memorandum of understanding with Baiterek to share financial expertise and support business activity in Kazakhstan.
The partnership includes staff training, study visits, seminars and workshops to exchange knowledge of the local financial market and Shinhan's business practices. The two groups also plan to support industrial and infrastructure projects and provide financing to Korean companies operating in Kazakhstan.
"Uzbekistan is a dynamic market with strong growth potential and a key market in Central Asia," Jin said, adding that the group would use the agreement to turn investment and financing cooperation into concrete projects and help both countries' financial sectors grow.
"We will also expand knowledge sharing and financing for infrastructure and businesses in Kazakhstan, strengthening financial ties between Korea and Central Asia," he added.
jwc@heraldcorp.com
