FRDU to allocate US$200 million for development of tourism infrastructure

Tashkent, Uzbekistan (UzDaily.com) -- Fund for Reconstruction and Development of Uzbekistan (FRDU) will open a credit line for US$200 million to support entrepreneurial activity in the sphere of tourism.

President of Uzbekistan Shavkat Mirziyoyev signed a decree “On additional organizational measures to create favorable conditions for development of the tourism potential of the Republic of Uzbekistan”.

The funds will be allocated for co-financing investment projects for construction of hotels and facilities, adjacent road, engineering and communications infrastructures.

The credit line will be allocated to commercial banks of Uzbekistan. The bank will provide loans to business entities.

Credits will be allocated for 15 years with a five-year grace period for the acquisition of imported equipment and technologies for hotels and objects of adjacent road, engineering and communication infrastructures.

The amount of credit allocated to one client at the expense of the target credit line should not exceed 50% of the project price. At the same time, the amount of the loan given to one borrower should not exceed US$10 million for one investment project.

Credits are granted on the basis of positive decisions of authorized commercial banks based on economic and financial feasibility studies of investment project.

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