Eldik Bank and China National Heavy Machinery Corporation signed a cooperation agreement

On January 12, 2024, a ceremony was held to sign a framework agreement (a purchase and sale agreement for equipment and machinery) between the Chairman of the Board of Eldik Bank OJSC Ulanbek Nogaev and the President of China National Heavy Machinery Corporation Mr. Xiao Ping.

As part of the partnership, Eldik Bank OJSC and China National Heavy Machinery Corporation (CHMC) will begin supplying equipment and specialized equipment for small and medium-sized businesses to Kyrgyzstan for a total amount of 110 million yuan (equivalent to 15 million US dollars).

This special equipment will be leased by the bank to local entrepreneurs on favorable terms.

During the meeting Mr. Xiao Ping especially emphasized that the signing of an agreement between CHMC and Eldik Bank will be a good incentive for the development of the economy of Kyrgyzstan. And he expressed confidence in the further strengthening of bilateral relations between the companies.

In turn, Ulanbek Nogaev added that this agreement is strategically important for Kyrgyzstan, as it is aimed at supporting the population. Thanks to the agreement, the bank will be able to provide small and medium-sized businesses with special equipment without intermediaries. As a result, this is a significant reduction in the price of equipment, which is a good help for customers.

For reference. China National Heavy Machinery Corporation is a Chinese state-owned enterprise that is a subsidiary of the Global 500 (500 largest companies in the world) conglomerate Sinomach.

CHMC specializes in the production of road construction and agricultural equipment, commercial vehicles, machine tools and various industrial equipment (including energy, metallurgical and geological). The company is also engaged in the construction of energy and transport facilities.