Madrid Discusses Spanish Banking Group's Participation in Financing Projects in Uzbekistan

The Embassy of Uzbekistan in Madrid hosted an online meeting between Ambassador Farrukh Tursunov and Jaume Balaguer Peñarroya, Director for Global Financial Institutions Relations for the Middle East Region at Banco Sabadell, the Dunyo News Agency reports.

During the meeting, the Spanish side was briefed on the socio-economic reforms being implemented in Uzbekistan, the country's favourable investment climate, its sustained economic growth, and the prospects for expanding cooperation with leading financial institutions in Spain and the European Union.

Particular attention was given to the potential participation of Banco Sabadell in financing investment and infrastructure projects being implemented in Uzbekistan with the involvement of Spanish companies. In particular, the parties discussed the possibility of using the bank's financial instruments to support projects for the development of modern greenhouse complexes based on the advanced agricultural experience of Spain's Almería province and geothermal technologies from Galicia, as well as other initiatives in the fields of agriculture, energy, industry, transport and tourism.

The Ambassador of Uzbekistan proposed exploring the possibility of opening a representative office of Banco Sabadell in Uzbekistan. It was noted that the presence of one of Spain's leading banking groups in the Uzbek market would further stimulate business activity, facilitate the attraction of Spanish investment, and expand the participation of Spanish companies in the implementation of promising projects across the country.

The representative of Banco Sabadell commended the effectiveness of Uzbekistan's ongoing reforms and stated that the bank sees significant potential for expanding cooperation with the country. He noted that the bank would consider participating in the financing of projects in Uzbekistan involving Spanish companies.

At the conclusion of the meeting, the Spanish side expressed its interest in further strengthening cooperation with Uzbekistan and indicated its readiness to consider organising a visit to the country together with representatives of several Spanish companies to explore opportunities for launching new joint projects.