Shinhan Financial Group is accelerating its expansion in Central Asia by enhancing financial cooperation in Uzbekistan and Kazakhstan.
On September 17, Shinhan Financial announced that it signed agreements with Uzbekistan's Ministry of Investment, Industry and Trade and Kazakhstan's National Development Finance Group, Baiterek, on September 14-15.
Under the agreement with Uzbekistan's Ministry of Investment, Industry and Trade, Shinhan Financial aims to establish a funding limit of up to $200 million for local financial institutions. The partnership will focus on jointly identifying local investment projects and participating in project financing in infrastructure and renewable energy sectors.
This collaboration is intended to develop discussions that began with local government officials, including Uzbekistan's Deputy Prime Minister in December and the Minister of Investment, Industry and Trade in June, into concrete business initiatives.
After the signing of the cooperation agreement, Shinhan Financial Chairman Jin Ok-dong met separately with Uzbekistan President Shavkat Mirziyoyev, who was visiting South Korea for a summit, to discuss the development of the local financial industry and Shinhan Financial's business expansion plans.
Shinhan Financial is also expanding its financial cooperation with Kazakhstan. During the Korea-Kazakhstan Business Roundtable, the company signed a memorandum of understanding with Baiterek to enhance the sharing of financial expertise and support for local enterprises.
The two parties will promote the sharing of financial information through training and seminars, as well as expand financial support for the development of Kazakhstan's industry and infrastructure and for Korean companies entering the local market.
Chairman Jin stated, “We will solidify practical investment and financing cooperation with Uzbekistan and support the mutual growth of the financial industry. We will also enhance financial support for infrastructure and enterprises in Kazakhstan, strengthening our role as a financial bridge connecting Korea and Central Asia.”
* This article has been translated by AI.
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