The Russian Vnesheconombank (VEB) and the Tashkent city administration signed a cooperation agreement on October 19, Kun.uz reports.

"The parties intend to develop long-term, effective and mutually beneficial cooperation in financing road traffic management programs, modernizing urban transport and road facilities in Tashkent using Russian equipment and digital technologies, whose total value is $ 100 million," the Russian bank said

The document was inked as part of the Russian President’s state visit to Uzbekistan.

According to the leadership of the bank, the signing of today's agreement is part of a large-scale agenda for the development of comprehensive and mutually beneficial cooperation between the Russian Federation and Uzbekistan.

Vnesheconombank, or VEB, is a Russian government-owned development bank, meant to provide funding for projects aimed at developing the Russian economy.