FRDU to open credit lines for US$100m to finance projects, implemented in FEZ

Tashkent, Uzbekistan (UzDaily.com) -- Fund for Reconstruction and Development of Uzbekistan (FRDU) will open credit lines for total amount of US$100 million to the commercial bank to finance investment projects, implemented in the territories of free economic zones.

On 7 August 2017, President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On measures to strengthen coordination and increase responsibility of ministries, departments, state authorities on the ground for the effective functioning of free economic zones”.

Uzbek President instructed the FRDU to open credit lines to Uzbek banks for total sum of US$100 million to finance investment projects, implemented in the territories of the FEZs.

Shavkat Mirziyoyev recommended the Central Bank together with the State Committee of Uzbekistan for Investments and authorized commercial banks to intensify the work on attracting credit lines of foreign banks, international financial institutions and donor countries for implementation of investment projects in the territories of FEZs.

President approved the main directions of further development of the activities of special economic zones.

In particular, FEZs will create modern high-tech production, primarily to localize the production of finished competitive products and components based on local raw materials and materials.

The FEZs were instructed to create favorable conditions for attracting investments, primarily foreign ones, for creation of modern high-tech innovative productions with the participation of leading foreign companies and corporations.

It should be noted that currently 14 FEZs have been created and are functioning in 10 regions of Uzbekistan.

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